Decision on Vedanta’s interim dividend to be taken at board meeting today

“The Board of Directors of the Company (the “Board”) will consider and approve on Tuesday, November 22, 2022 the third interim dividend on equity shares, if any, for the financial year 2022-23. Please note that for the purpose of determining the eligibility of the equity shareholders for the said dividend, if declared, the record date is being fixed as Wednesday, November 30, 2022,” Vedanta said in an exchange filing earlier this month. I was informed.

Vedanta has been returning cash to shareholders through interim dividends every quarter, final dividends at the end of the year and occasionally special dividends. In the last 12 months, the amount of equity dividend declared by Vedanta is 77.50 per share. At the current share price, this results in a dividend yield of 25.17%, according to Trendline data.

Billionaire Anil Agarwal-led Vedanta Limited, a subsidiary of Vedanta Resources Limited, is the world’s leading mining and metals company with interests in zinc-lead-silver, iron ore, steel, copper, aluminium, power, oil and gas across India. is interested. , South Africa and Namibia.

For the quarter ended September, the metals-to-oil conglomerate reported a 60.8% drop in quarterly profit, hit by lower global commodity prices and increased fuel and power expenses. Its consolidated net profit fell 1,808 crore to 4,615 crores a year ago. Revenue was up 20% year-on-year 36,237 crore as compared to Rs. 23,171 crore, but declined by 5.3% sequentially.

Vedanta Group is focusing on completing the expansion of Electrosteel Steels Ltd from 1.5 million tonnes to three million tonnes amid rumors of the company’s exit from the steel business. The group had scooped up Electrosteel Steels four years ago.

Vedanta Group CEO Sunil said, “As on date, it (Electrosteel’s exit) is not a subject for us. The only priority is to increase the (production) capacity to 3 million tonnes. I just visited the Electrosteel facility and Progress reviewed. Duggal at the curtain raiser event of the Global Mining Summit 2022 organized by CII.