Robust non-ferrous prices and expansion across divisions is expected to support growth at VEDL in near to medium term. However, we believe the stock has run up very sharp in the recent past (>75% in last 6 months) and likely cool off in non-ferrous metal prices and silver could potentially limit the gains in the counter. Hence, we downgrade Vedanta from BUY to HOLD with SOTP based revised target price of 785....