Vedanta Ltd’s board, in a decisive move on Monday, gave the nod to a second interim dividend of Rs 11 per equity share. This dividend, amounting to a significant 1100% on the face value of Rs 1/- per equity share for the financial year 2023-24, translates to an impressive sum of Rs 4,089 crore. The record date for the dividend payout has been fixed as Wednesday, December 27, 2023, with the company committed to ensuring timely disbursement in accordance with legal requirements.
This comes on the heels of Vedanta’s earlier declaration in May, where the company announced its first interim dividend of Rs 18.50 per share. Notably, the stock turned ex-dividend on May 30.
The dividend outlay by Vedanta has seen a significant upswing in recent years. In the fiscal year 2022-23, the company disbursed a total dividend of Rs 37,572 crore, reflecting a robust financial performance. Comparatively, Vedanta declared dividends of Rs 16,689 crore in FY22 and Rs 3,519 crore in FY21.
Looking ahead, the board of directors of Vedanta is set to convene on December 19 to discuss and approve the proposal for issuing non-convertible debentures (NCDs) on a private placement basis. The company emphasizes that this move is part of its routine refinancing efforts, undertaken as part of its ordinary course of business.
In the recent trading session, Vedanta’s stock displayed strength, closing 1.34% higher at Rs 260.60 on the BSE. Over the past month, Vedanta’s stock has shown a commendable gain of 9%, contributing to a market cap of Rs 96,870 crore.
From a technical standpoint, Vedanta’s relative strength index (RSI) stands at 70.2, indicating that the stock is neither in the overbought nor oversold territory. Vedanta shares are currently positioned above the 10-day, 20-day, 30-day, and 50-day moving averages but below the 100-day, 150-day, and 200-day moving averages.
Vedanta shares have witnessed a year of fluctuation, hitting a 52-week low of Rs 207.85 on September 28, 2023, and reaching a 52-week high of Rs 340.75 on January 20, 2023. The shares have experienced a decline of 17.56% year-to-date and a 15.36% drop over the past year.
As a subsidiary of Vedanta Resources Ltd, Vedanta Ltd operates across various sectors, including oil and gas, zinc, lead, silver, copper, iron ore, steel, aluminum, and power, with a presence in India, South Africa, and Namibia.
TOPICS:
Vedanta