The board of Vedanta Ltd on Monday approved the second interim dividend of Rs 11 per equity share. The dividend is equivalent to 1100% on face value of Rs 1/- per equity share for the financial year 2023-24 which amounts to Rs 4,089 crore. The record date for the purpose of payment of dividend has been fixed as Wednesday, December 27, 2023 and the interim dividend shall be duly paid within the stipulated timelines as prescribed under law.
Vedanta had earlier in May declared its first interim dividend of Rs 18.50 per share. The stock had turned ex-dividend on May 30. In May 2023, Vedanta declared its first interim dividend of Rs 18.50 per share. The stock had turned ex-dividend on May 30.
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The dividend outgo by Vedanta has surged in the last few years. In FY23, it paid a total dividend of Rs 37,572 crore. Vedanta declared Rs 16,689 crore in divided in FY22 and Rs 3,519 crore in FY21.
Meanwhile, board of directors of the metals & mining major would meet on December 19, Tuesday, to consider and approve the proposal for issuance of non-convertible debentures (NCDs) on a private placement basis, which the company said is a part of its routine refinancing that is undertaken in ordinary course of business.
In the current session, the metal stock ended 1.34% higher at Rs 260.60 on BSE. In the last one month, the Vedanta stock has gained 9%. Market cap of the firm rose at Rs 96,870 crore.
In terms of technicals, the relative strength index (RSI) of Vedanta stands at 70.2, signaling the stock is trading neither in the overbought territory. Vedanta shares stand higher than the 10 day, 20 day, 30 day, 50 day but lower than the 100 day, 150 day and 200 day moving averages.
Vedanta shares fell to a 52-week low of Rs 207.85 on September 28, 2023 and a 52-week high of Rs 340.75 on January 20, 2023. Vedanta shares have lost 17.56% this year and fallen 15.36% in a year.
Vedanta Ltd is a subsidiary of Vedanta Resources Ltd and has operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa and Namibia.