Vedanta Zooms 9%, Shines Most on Nifty Metal: What’s Driving the Rally?

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Vedanta Zooms 9%, Shines Most on Nifty Metal: What’s Driving the Rally?
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the multinational mining company Vedanta (NS: VDAN ) jumped 8.7% to Rs 259.5 apiece at 12:31 pm on Wednesday following the company’s announcement of a second interim dividend of Rs 19.5/share in the financial year 2022-23.

Post market hours on Tuesday, the mining major announced that its board approved a second interim dividend of Rs 19.5/share in FY23, amounting to Rs 7,250 crore. The record date for dividend payment is set at July 27, 2022.

The company announced the first interim dividend of Rs 31.5/share on May 6, 2022, costing it Rs 11,710 crore. In the past year, the mining giant has declared total dividends of Rs 76.5/share, as per Trendlyne data.

Further, the Government’s latest decision of slashing export duties on fuels and lowering the additional windfall tax imposed on crude oil produced by domestic refineries amid a cool down in international crude prices impacting the profit margins of domestic refiners and oil exporters has given a boost to the mining stock in the session.

The large-cap stock was the highest gainer on the sectoral index Nifty Metal , pulling the index higher at 1.82% at the time of writing.

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