Given the promoter's intent to increase the stake and loans given to the parent by VEDL, we believe potential corporate actions could be the key drivers of the stock price. Moreover, high leverage and scheduled debt repayments at the parent VRL remain an overhang. Maintain Neutral. High commodity prices boost EBITDA to all-time high 4Q EBITDA rose 17% QoQ (99% YoY) to INR90.4b (est. INR87.6b) and adj. PAT rose 15% QoQ to INR34.9b (est. INR37.4b), led by higher commodity prices. EBITDA (excl. Hindustan Zinc) improved 15% QoQ to INR51.5b....