Vedanta shares surged two percent in early trade on September 3 after the Anil Agarwal-led mining company announced its third interim dividend of Rs 20 per share yesterday.
"The Board of Directors of Vedanta Limited, at its meeting held today i.e. Monday, September 2, 2024, has considered and approved the third Interim Dividend of Rs 20 per equity share on face value of Re 1 per equity share for the Financial Year 2024-25 amounting to Rs 7,821 crore," said Vedanta in a stock exchange filing.
At 9:20 am, Vedanta shares were quoting Rs 465.45 on the NSE, higher by half a percent compared to the previous session's close.
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Vedanta had announced a second interim dividend of Rs 4 per share for the current fiscal year in July at a total payout worth Rs 1,564 crore. In May, Vedanta board approved its first interim dividend of FY25 at Rs 11 per share amounting to a payout of Rs 4,089 crore.
International brokerage firm Citi reiterated its 'buy' rating on Vedanta, with a target price of Rs 430 per share, indicating a minor downside of around seven percent.
The firm's net debt excluding Hindustan Zinc is around Rs 61,000 crore as of June 2024. Following June, Vedanta has raised nearly Rs 8,500 crore through a QIP, issuing 193.2 million shares at Rs 440 per share, added the brokerage.
The mining major announced a plan to demerge its business units into independent pure-play companies in September last year.
The demerger will help unlock value and attract large-scale investment into the expansion and growth of its businesses. It will create independent companies housing the aluminium, oil & gas, power, steel and ferrous materials, and base metals businesses, while the existing zinc and new incubated businesses will remain under Vedanta Limited.
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