Shares of 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), secured a Rs 1,437.17-crore operations and maintenance (O&M) contract from newly demerged Vedanta Aluminium Metal. With Friday's rally, the stock has gained 100% so far in 2026.

The contract is for the comprehensive operations and maintenance (O&M) of Vedanta Aluminium Metal's 1,215 MW captive power plant. According to the company, the domestic contract will remain in force for five years from August 1, 2026.

This marks the second major 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. The five-year contract came into effect on July 1, 2026.

Separately, Vedanta Power also awarded the company a Rs 406.43-crore maintenance contract for its 600 MW thermal power plant last month. This contract is also valid for five years from July 1, 2026.

Also read: Vedanta Power, Iron & Steel and Oil & Gas shares crash up to 8%. What’s triggering the selloff?

Incorporated in 2025, Bluspring Enterprises is an infrastructure services company engaged in the integrated facility management business. The company provides end-to-end facility management solutions across a range of services, including soft services, hard and engineering services, production support services, hygiene services, and technology-enabled services.

Vedanta Aluminium Metal is the largest aluminium producer in India, as well as in the US, Europe, the Middle East, Australia and Africa, according to the company. It produced more than half of India’s aluminium at 2.42 million tonnes in FY25, its website said.

It operates a 5 MTPA alumina refinery in Odisha’s Kalahandi district, along with the world’s largest aluminium plant at Jharsuguda, Odisha, with a 1.85 MTPA capacity. It also operates 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 (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,” the domestic brokerage said in its coverage note.

Also read: Vedanta Aluminium vs Power vs Oil & Gas vs Iron & Steel: Which stock should you buy?

Last month, Citi initiated coverage on Vedanta Aluminium shares with a ‘Buy’ rating and a target price of Rs 560 apiece, naming the newly-listed stock its top Indian metals pick.

Citi listed key drivers for its bullish call, which include a positive aluminium outlook, growth potential (Balco expansion, Vedanta Aluminium debottlenecking), cost focus (higher captive alumina, domestic bauxite and captive coal), and improving leverage. It expects the company to have a net cash position by FY28.

Unlike other demerged entities, Vedanta Aluminium Metal, widely regarded as the group's crown jewel, bucked the trend and its share price gained 2% to Rs 471.

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