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HomeBUSINESS & FINANCEVedanta Approves Second Interim Dividend for FY24: Insights and Updates

Vedanta Approves Second Interim Dividend for FY24: Insights and Updates

Vedanta Ltd, a prominent player in the metals and mining industry, has made significant financial announcements, including the approval of its second interim dividend for the fiscal year 2023-24. Here’s a comprehensive overview of the recent developments and what investors need to know.

1. Interim Dividend Details

– Vedanta interim dividend updates

The board of Vedanta Ltd, in its meeting on Monday, approved a second interim dividend of Rs 11 per equity share. This substantial dividend amounts to an impressive 1100% on the face value of Rs 1 per equity share. For the financial year 2023-24, this translates to a substantial Rs 4,089 crore.

2. Record Date and Payment Timeline

The record date for the payment of the dividend has been fixed as Wednesday, December 27, 2023. As per regulatory requirements, Vedanta assures that the interim dividend will be duly paid within the stipulated timelines.

3. Vedanta Dividend History and Outgo

– The dividend outgo by Vedanta has surged in the last few years

Vedanta’s commitment to rewarding its shareholders is evident in its dividend outgo. In the previous fiscal year (FY23), the company paid a total dividend of a staggering Rs 37,572 crore. This is a significant increase from Rs 16,689 crore in FY22 and Rs 3,519 crore in FY21.

4. Upcoming Board Meeting and NCD Issuance

The board of directors is scheduled to convene on December 19, Tuesday, to consider and approve the proposal for the issuance of non-convertible debentures (NCDs) on a private placement basis. This initiative is part of Vedanta’s routine refinancing, conducted in the ordinary course of business.

5. Market Performance and Technical Analysis

In the recent trading session, Vedanta’s stock closed 1.34% higher at Rs 260.60 on the BSE. Over the last month, the stock has shown a notable gain of 9%, with a market capitalization of Rs 96,870 crore.

In terms of technical indicators, Vedanta’s relative strength index (RSI) stands at 70.2, suggesting that the stock is trading neither in the overbought nor oversold territory. While the shares are higher than the short-term moving averages, they are lower than the longer-term averages.

6. Year-to-Date Performance and 52-Week Range

Vedanta shares experienced a 52-week low of Rs 207.85 on September 28, 2023, and a high of Rs 340.75 on January 20, 2023. Over the year, the shares have seen a decline of 17.56%, and in the past year, a decrease of 15.36%.

7. Business Operations

Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, operates in diverse sectors, including oil and gas, zinc, lead, silver, copper, iron ore, steel, aluminum, and power. The company has a significant presence across India, South Africa, and Namibia.

In conclusion, Vedanta’s announcement of a second interim dividend and the upcoming board meeting for NCD issuance showcase the company’s commitment to its shareholders and its strategic financial planning. As investors navigate these updates, the company’s performance and decisions continue to be closely monitored within the investment community.

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