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.

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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.

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