What happened

Shares of Vedanta (VEDL) rose as much as 11.5% in early trading on Oct. 18. The company -- which mines for various metals, drills for oil and natural gas, generates electricity, and produces steel and aluminum -- probably isn't a household name for most U.S. investors. That's understandable, given that the $13 billion market cap conglomerate is based in India. That said, one analyst seems to like what the company has to offer.

So what

Simply put, Vedanta's stock was upgraded by Credit Suisse. Investors tend to like upgrades, and the shares moved higher accordingly. More specifically, Credit Suisse lifted its rating from neutral to outperform. The price target, meanwhile, was boosted by a hefty 47%. That's a particularly large adjustment.

A person pouring molten aluminum.

Image source: Getty Images.

Vedanta has been benefiting from strong commodity prices. This includes increases in oil and natural gas that have gained steam lately and industrial metals like zinc and aluminum. That said, aluminum made up a huge 60% of sales for the quarter ended June 30 and accounted for 75% of segment profits. And aluminum has seen a massive spike over the past month or so, hitting prices not seen in over a decade. So it isn't surprising that Credit Suisse might have an upbeat view of the future here and that investors would be interested as well.

Now what

Although the backstory for Vedanta is interesting, U.S. investors need to make sure they take the time to understand the company before hitting the buy button. While aluminum is clearly an important part of the business, there are a lot of other things in the mix; this is far from a pure play. And the fact that it's an Indian company complicates things a lot, given that there are different rules and regulations that need to be factored in when making a final call. In other words, most investors will probably be better off finding a domestic alternative in the aluminum space, like Alcoa, when looking for a play on the metal. However, if you are willing to do the legwork, Credit Suisse's upgrade could be an opening for you to dig in and get to know this Indian aluminum giant.