Top headlines: Vedanta declares dividend of Rs 19.5; HUL Q1 net rises 11%

Business Standard brings you the top headlines this hour

Vedanta declares dividend of Rs 19.5 per share in boost to London parent

Vedanta Ltd. will pay a dividend of Rs 7,250 crore ($907 million) to shareholders in a move that will help its debt-heavy parent, which is grappling with soaring bond yields of as much as 40%.

The unit of Anil Agarwal’s metals and oil conglomerate said it will pay Rs 19.5 per share, according to an exchange notice Tuesday. Its controlling shareholder, London-based holding vehicle Vedanta Resources Ltd., owns about 70% of the Indian firm, which is its main asset. Read more...

Hindustan Unilever Q1 results: Net profit rises 11% to Rs 2,289 cr

FMCG major Hindustan Unilever on Tuesday reported 11% growth in standalone net profit at Rs 2,289 crore for the quarter ending June 30, 2022 as against Rs 2,061 crore in the year-ago period.

The company's total income rose 20% to Rs 14,409 crore in Q1FY23 as against Rs 11,982 crore in Q1FY22. Read more...

GST on food items: Amid outrage, FM says decision taken to curb tax leakage

Amid uproar in Parliament, Finance Minister Nirmala Sitharaman on Tuesday took to Twitter to clarify the decisions taken by the GST Council in its 47th meeting last month in Chandigarh. She said the revisions were essential to curb the tax leakage. The Council recommended reconsidering the approach for the imposition of GST on specified food items like pulses, cereals, flour etc, said Sitharaman in a Twitter thread.

The FM tweeted that certain items including pulses/daal, wheat, rye, oats, maize, rice, aatta/flour, suji/rawa, besan, puffed rice, curd/lassi when sold loose and non pre-packed or pre-labeled, will not attract any GST. Read more...

UK braced for 'unprecedented' heat wave after hottest night ever

The UK is braced for “unprecedented” temperatures on Tuesday after the ongoing heat wave resulted in the hottest night on record at 26 degrees Celsius in parts of London overnight on Monday.

The Meteorological (Met) Office red warning of danger to life from extreme heat remains in place for much of central, northern, and south-east England, including the capital city. At least five people are believed to have drowned after attempting to escape the heat in rivers and lakes. Read more...