Shares of Vedanta are in focus today after the mining conglomerate said it would convene a board meeting on May 16 to deliberate on various fundraising strategies, including the issuance of equity shares or other convertible securities. The meeting will also address the possibility of declaring a first interim dividend for the financial year 2024-25.
Record date for the first interim dividend, if any, has been fixed as May 25, 2024.
However, any decision in this regard will be subject to regulatory and statutory approvals, including the consent of the shareholders obtained through a general meeting, said the firm.
Shares of Vedanta ended 0.78% higher at Rs 413.95 in the previous session. Market cap of the metal and mining firm stood at Rs 1.53 lakh crore.
In the last six months, the Vedanta stock has gained 71%. In a year, the stock is up 50.47%.
A total of 7.26 lakh shares of the firm changed hands amounting to a turnover of Rs 29.55 crore on BSE. Vedanta shares have a one-year beta of 0.8, indicating low volatility during the period.
In terms of technicals, the relative strength index (RSI) of Vedanta stands at 68.1, signaling the stock is trading neither in the oversold nor in the overbought territory. Vedanta shares are trading higher than the 5 day, 10 day, 20 day 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
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.