Mining Major Records Fresh 52-Wk High As Investors Cheer on 3rd Interim Dividend

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Mining Major Records Fresh 52-Wk High As Investors Cheer on 3rd Interim Dividend
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the mining major Vedanta Ltd (NS: VDAN ) surged 3.5% in early trade and hit a fresh 52 week high at Rs 401 apiece on Thursday. 

The stock surge came in response to the company’s board announcing to pay a third interim dividend in the current financial year on Wednesday, driven by a rally in commodity prices, which boosted its earnings.

Vedanta announced that it would pay an interim dividend of Rs 13/share to its investors on a  face value of Re 1/share, amounting to Rs 4,832 crore. 

The record date for the same is set for March 10.

With the prices of commodities and metals soaring lately, due to the aggravating Russia-Ukraine crisis, analysts expect Vedanta’s earnings to boost. 

The Anil Agarwal-led company had announced an interim dividend of Rs 18.5/share in Sept 2021, followed by a dividend of Rs 13.5/share in Dec 2021.

Its cumulative dividend yield stands at around 11.62% of its Wednesday’s closing price, and the outgo in September stood at Rs 6,876.82 crore, while the one in December at Rs 5,018.22 crore.

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