Vedanta Ltd informed the stock exchanges on Wednesday that its board meeting, scheduled for today, has been cancelled due to unforeseen reasons. The board was supposed to discuss the declaration of the fourth interim dividend for FY25.
In a filing, the company said, “We withdraw the notice of the board meeting that was supposed to be held on October 9. Therefore, the meeting is now cancelled.”
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Despite this, Vedanta has already set October 16 as the record date for the proposed dividend, if it is declared later.
Vedanta is known for paying strong dividends and has one of the highest dividend yields in the market. Over the past 12 months, the company paid ₹46 per share in dividends, which gives it a dividend yield of 9.19%.
This fiscal year alone, Vedanta has declared three dividends, and there are still six months left in the year.
In the first half of FY25, Vedanta recorded its highest-ever aluminium production of 1205 kt in both quarterly and half-yearly results. The company’s alumina production also grew by 21% year-on-year. Additionally, in its Zinc India division, the company achieved its highest-ever production of mined and refined metals in the second quarter. Refined metal production rose 5% year-on-year to 524 kt in the first half of the year.
Vedanta’s stock has performed well this year, increasing by 92% so far.
Recently, ICICI Securities resumed coverage of Vedanta with a target price of ₹600. The brokerage firm believes that Vedanta’s growth is based on increasing volumes, improving value, and reducing costs across its different divisions.
“Vedanta is a strong performer across all areas. The aluminium and Zinc India divisions are expected to lead in cost and volume growth, while the oil & gas and Zinc international divisions are also expected to see improvements,” the brokerage said.
On Wednesday, Vedanta shares closed at ₹496.10 on the NSE, down 0.27%.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
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