Bluspring Enterprises shares reached an all-time high after its subsidiary secured a Rs 1,437 crore operations and maintenance contract from Vedanta Aluminium Metal. This order bolsters the company’s order book, while several recent contract wins and favorable brokerage opinions on Vedanta Aluminium enhance investor sentiment.
Shares of the multibagger stock Bluspring Enterprises surged 10% to a record high of Rs 132 on the BSE on Friday after its subsidiary, STEAG Energy Services (India), obtained a Rs 1,437.17-crore operations and maintenance (O&M) contract from the newly demerged Vedanta Aluminium Metal. Following Friday’s increase, the stock has gained 100% so far in 2026.
The contract pertains to the comprehensive operations and maintenance of Vedanta Aluminium Metal’s 1,215 MW captive power plant. According to the company, this domestic contract will be effective for five years starting August 1, 2026.
This is the second significant order awarded by the Vedanta entity. Last month, STEAG Energy Services (India) secured a Rs 1,219.85-crore comprehensive O&M contract for Units 1, 3, and 4 of Vedanta’s 1,800 MW thermal power plant, which commenced on July 1, 2026.
Additionally, Vedanta Power awarded the company a Rs 406.43-crore maintenance contract for its 600 MW thermal power plant last month, also valid for five years from July 1, 2026.
Incorporated in 2025, Bluspring Enterprises is an infrastructure services company involved in the integrated facility management sector. The company offers comprehensive facility management solutions across various services, including soft services, hard and engineering services, production support services, hygiene services, and technology-enabled services.
Regarding Vedanta Aluminium, it is noted as the largest aluminium producer in India, as well as in the US, Europe, the Middle East, Australia, and Africa. It produced over half of India’s aluminium at 2.42 million tonnes in FY25, according to its website.
Vedanta Aluminium operates a 5 MTPA alumina refinery in Odisha’s Kalahandi district, alongside the world’s largest aluminium plant at Jharsuguda, Odisha, which has a capacity of 1.85 MTPA. It also manages Bharat Aluminium Company Limited (BALCO) in Chhattisgarh.
On Thursday, Emkay initiated coverage on Vedanta Aluminium Metal with a Buy rating and a target price of Rs 550, indicating a 19% upside from current market levels.
“We believe the market is yet to fully appreciate its structural earnings potential. We remain constructive on the medium-term aluminium outlook, with the global market likely to remain in deficit through CY28 despite Indonesia’s announced capacity additions, given execution bottlenecks and China’s effective 45mt production cap,” stated the domestic brokerage in its coverage note.
Last month, Citi also began coverage on Vedanta Aluminium shares with a ‘Buy’ rating and a target price of Rs 560 per share, identifying the newly-listed stock as its top Indian metals pick.
Citi highlighted key factors for its optimistic outlook, including a favorable aluminium market, growth potential (Balco expansion, Vedanta Aluminium debottlenecking), cost focus (higher captive alumina, domestic bauxite, and captive coal), and improving leverage. It anticipates the company will achieve a net cash position by FY28.
In contrast to other demerged entities, Vedanta Aluminium Metal, often viewed as the crown jewel of the group, saw its share price rise by 2% to Rs 471.
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Source: Economic Times
