Why Vedanta Shares Are Upbeat Today

Why Vedanta Shares Are Upbeat Today

Vedanta’s share price continued to gain for the third straight session on Tuesday as the company announced an interim dividend.

What Happened: The company’s board in after-market hours on Monday approved an interim dividend for FY24 (April 2023- March 2024). For the first interim dividend of the new financial year, the company announced a payout of ₹18.50/share, amounting to a total of ₹6,877 crores.

The record date for the dividend payment is May 30. “The interim dividend will be paid within stipulated timelines as prescribed under law,” the company added in a regulatory filing. The company had announced a total dividend of ₹101.50/share in FY23.

See Also: JSW In Race To Buy Coal Mines In Australia, Shares Climb

The mining giant also reported its earnings for the March quarter earlier this month. The Anil Agarwal-led company’s consolidated operating revenue slumped 4.75% year-over-year to ₹37,930 crore. The company’s profits slumped close to 68% YoY to ₹1,881 crore.

In its review note, after the results, brokerage firm Motilal Oswal maintained its ‘neutral’ rating for the stock revising the price target to ₹275 from ₹330.

Price Action: Vedanta’s share price was up 0.90% to trade at ₹290.10 as the markets opened on Tuesday.

Do Not Miss: When Will Tata Power Share Price Go Up?

Posted In: EquitiesDividendsMarketsTrading IdeasVedanta