Shares of mining company Vedanta, NSE: VEDL, traded lower on Wednesday, November 23, as Nifty Metal index faces selling pressure. Vedanta opened at Rs 313.50 apiece on NSE, gaining more than 1 precent from previous close of Rs 310.10. However, profit booking dragged the metal stock to trade at Rs 307.75 at 12:47 PM.

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Vedanta is in focus for past few days ever since the company made an announcement regarding the record date for the payment of third interim dividend. The company on Tuesday in a post-market exchange filing declared to distribute 1750 pe cent dividend per share to its shareholders. This translates into Rs 17.50. The company has already distributed interim dividend totaling Rs 51 on two occasions in the current fiscal.

Brokerage firm Citi in its report gave a 'sell' call on the counter with a price target of Rs 235.

"Vedanta dividend outflow for FY23 so far would be $3.2 bn ($320 crore). While dividend yield remains attractive (FY23 dividend so far is Rs 68.5/share). The dividend may not be enough particularly if commodity prices stagnate or fall given group leverage," it said.

"Our outlook for aluminium and zinc is fairly muted for the next few months. Further commissioning of captive coal blocks appears to have been delayed," it added.

Zee Business panelist Shubham said that Vedanta has been a weak performer in its sector and suggested exiting.

Vedanta stock has given a negative yield 13 per cent so far this year. The stock has a 52-week range of Rs 440.75 to Rs 206.00. At present levels, the stock has a market cap of Rs 1.14 lakh crore.

Vedanta Dividend 2022 Record Date 

As per the filing, the record date for the purpose of payment of dividend is November 30, the company said. Vedanta stocks ex-dividend would be November 29.

Vedanta in the filing said that the interim dividend will be paid within stipulated timelines as prescribed under law.

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