Vedanta spurts on declaring interim dividend of Rs 19.50 per share

Vedanta surged 8.65% to Rs 259.25 after the company announced that its board has approved a second interim dividend of Rs 19.50 per share.

"the Board of Directors of the Company through resolution passed by circulation on Tuesday, July 19, 2022 have approved Second Interim Dividend of Rs 19.50 per equity share i.e. 1950% on face value of Re. 1/- per share for the Financial Year 2022-23 amounting to Rs 7,250 crores," Vedanta said in a statement on Tuesday (19 July 2022).

The record date for the purpose of payment of dividend is 27 July 2022.

Based on the ruling market price, the stock offers a dividend yield of 7.52%.

Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa and Namibia.

On a consolidated basis, the company reported 10% drop in net profit to Rs 5,799 crore on a 41% increase in revenue from operations to Rs 39,342 crore in Q4 FY22 over Q4 FY21.

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