Vedanta Shares in Focus as Foxconn Pulls Out of $19.5 Billion JV

Vedanta Ltd. shares are expected to be in focus on Tuesday morning after Foxconn said it was pulling out of a $19.5 billion joint venture with the Indian company to make semiconductors.

Foxconn, a Taiwanese contract manufacturer, said it would not move forward with the joint venture because it was not confident in the Indian government's ability to provide the necessary approvals and incentives.

Vedanta said it was disappointed by Foxconn's decision, but that it remained committed to its semiconductor fab project. The company said it has lined up other partners to help it set up India's first foundry.

The shares of Vedanta closed at ₹251.17 on Monday, down 2.3%.

The decision by Foxconn to pull out of the joint venture is a setback for India's efforts to become a global hub for semiconductor manufacturing. The government has been courting foreign investors in the sector, but the Foxconn decision could make other companies think twice about investing in India.

It is still too early to say what the impact of Foxconn's decision will be on Vedanta's share price. However, the shares are likely to come under pressure in the short term.

The MoneyWorks4Me Price Trend analysis indicates that the price of Vedanta Ltd is likely to rise in the short term. The target price for the shares is between ₹279.36 and ₹293.22.

Investors should carefully consider the risks and rewards before investing in Vedanta shares.

Location: India

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