Vedanta stock touched an intraday high of Rs 259.75, rising 8.86 per cent against the previous close of Rs 236.80 on BSE.
Stock of mining major Vedanta climbed nearly 9 per cent today after the Anil Agarwal-led firm announced second interim dividend of Rs 19.50 per share. Sentiments around the stock also turned positive with the government cutting the tax on domestically produced crude to Rs 17,000 a tonne, effective July 20. Cairn Oil and Gas, the company’s subsidiary has 51 oil and gas blocks across the country.
Vedanta stock opened 4.19 per cent higher at Rs 248.60 against the previous close of Rs 236.80 on BSE. Shares of Vedanta touched an intraday high of Rs 259.75, rising 8.86 per cent on BSE.
Vedanta stock trades higher than 5-day and 20-day moving averages but lower than 50-day, 100-day and 200-day moving averages.
Vedanta shares have gained 0.23 per cent in one year but lost 24.68 per cent since the beginning of this year.
Total 14.63 lakh shares of the firm changed hands amounting to a turnover of Rs 39 crore on BSE. Market cap of the firm rose to Rs 96,349 crore. The share hit a 52-week high of Rs 440.75 on April 11, 2022 and a 52-week low of Rs 206.10 on July 1, 2022.
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“Second interim dividend of Rs 19.50 per equity share or 1950 per cent on the face value of Re. 1/- per share for the Financial Year 2022-23 amounting to Rs 7,250 crore. The record date for the purpose of payment of dividends is Wednesday, July 27, 2022. The interim dividend will be paid within stipulated timelines as prescribed under the law, ” the company said in a communication to BSE.
The company has fixed July 27, 2022, as the record date for the payment of dividends. Before the current announcement, Vedanta had declared an interim dividend of Rs 31.5 per share on May 6, 2022, and an interim dividend of Rs 13.5 per share on December 17, 2022.
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In Q4 of the previous fiscal, the mining major reported a consolidated profit after tax of Rs 7,570 crore on the back of higher sales volume, supportive commodity prices, and operational efficiencies.
The company had posted a profit after tax of Rs 5,105 crore in the year-ago period. The exceptional items at Rs 336 crore primarily relate to Rs 2,697 crore gain from impairment reversal in oil and gas, which was partially offset by exploration cost written off in Cairn.
Revenue from operations in Q4 rose to Rs 39,342 crore from Rs 27,874 crore a year ago. Expenses stood at Rs 29,901 crore in the quarter against Rs 22,549 crore in the year-ago period.
Vedanta Limited is an India-based diversified natural resources company. The company produces aluminum, copper, zinc, lead, silver, iron ore, oil and gas, and commercial energy. It operates through five reportable segments: oil and gas, aluminum, copper, iron ore, and power.Its aluminum business includes a refinery and captive power plant at Lanjigarh and a smelter and captive power plants at Jharsuguda, both situated in Odisha.