Vedanta hits 52-week high on BSE, NSE post third interim dividend

Vedanta shares rallied on Thursday to close at respective 52-week highs on both domestic benchmark indices. Share prices of the mineral major touched a 52-week high of ₹401 on NSE during today’s session, whereas it touched ₹400.95 on BSE, marking its new 52-week high on the exchange. The stock had touched its 52-week low of ₹ 209.75 on NSE and 209.80 on BSE on April 12, 2021.

The stock closed the day’s trade at ₹395.35, up 8.05 points or 2.08%, on NSE. On BSE, the stock rose to ₹395.85, climbing 8.50 points or 2.19%. A total of 6.09 crore Vedanta shares changed hands on the two bourses today, including 5.95 crore on NSE and 14.86 lakh on BSE, as compared to 5-day average volume of 1.35 crore.

The rise in Vedanta shares came after the company’s board approved the third dividend for the current financial year a day before. The Vedanta board of directors, through a “resolution passed by circulation on Wednesday, March 2, 2022, approved the third interim dividend of ₹13 per equity share, i.e. 1,300% on face value of ₹1 per share, for the financial year 2021-22 amounting to ₹4,832 crore,” the company said in a statement.

The record date for the purpose of payment of dividend has been set at March 10, Thursday. The interim dividend will be paid within stipulated timelines as prescribed under law, Vedanta stated.

For the ongoing fiscal, the Anil Agarwal-led mining company had announced its first interim dividend of ₹18.50 per share in September last year, whereas the second interim dividend of ₹13.50 per share came in December 2021. The dividend outgo for the first and second interim dividends was ₹6,876.82 crore and ₹5,018.22 crore, respectively.

Vedanta reported a consolidated net profit of ₹4,164 crore in the December quarter of the current fiscal, up 26.22% from ₹3,299 crore in the year-ago period, but 9.77% down as against ₹4,615 crore in the September quarter. Net sales of the company managed to clock a substantial rise during the three months ended December 2021, rising almost 50% to ₹34,097 crore, compared to ₹22,735 crore in the same quarter of the previous year.