Vedanta share price rises 4%. Announces second interim dividend of ₹4 per share of face value ₹1.

Stock Market Today: Vedanta Ltd share price gained almost 4% on Friday as it announced second interim dividend of ₹4 per share of face value of ₹1.

Company in its release on the exchange said that "Board of Directors of Vedanta Limited, at its meeting held today i.e. Friday, July 26, 2024, has considered and approved the Second Interim Dividend of ₹ 4/- per equity share on face value of ₹ 1/- per equity share for the Financial Year 2024-25 amounting to ₹1,564 Crore.

The Vedanta share price that had opened at ₹439.00 on Friday , slightly higher than previous close of ₹430.90, however gained to touch highs of ₹448.15 marking gains of almost 4% during intraday trades. The share price closed near intraday highs, at ₹447.25.

The record date for the purpose of payment of dividend has been set at Saturday, August 03, 2024 by the company.

With the dividend announcement Vedanta share price has given up its declining trend. Vedanta share price had ended lower in last three trading sessions and also the Vedanta share price, despite todays gains is still down more than 6% since early July Highs.

Vedanta Ltd had earlier in May also approved first interim dividend of ₹11 per share. The record date for the first interim dividend stood on Saturday, May 25, 2024.

Vedanta Ltd had issued dividend of close to ₹101.4 a share in FY23 and ₹29.5 share in FY24, leading to handsome dividend yields for investors and Vedanta parent (Vedanta Resources) too that holds more than 56% stake in Vedanta Ltd.

Vedanta Ltd is also benefitting from favorable movement in base metal prices. During the June'2024 quarter, average LME Aluminium price inched higher by 15% sequentially to $2,525 a tonne and alumina price increase by 17% sequentially. Average zinc price were also up by 16% sequentially to $2,836 a tonne as per Centrum Stock Broking estimates.

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