Vedanta share price surges on back of dividend announcement; stock up 130% in a year

On the back of the dividend announcement, the shares of Vedanta jumped over 3.5 per cent to around Rs 309 per share on the BSE intraday trade on Thursday. The company on Wednesday announced Rs 18.5 per share first interim dividend amounting to Rs 6,877 crores, it said in a regulatory filing.

The stock in the last two weeks has touched a 52-week high of Rs 341.23 per share on 16 August 2021 and also saw correction till Rs 260 per share. The stock has gained around 15 per cent in the last 9 sessions from Rs 269 per share on August 20, 2021.

The company in its filing to exchanges said, “The Board of Directors of the company in its meeting held on September 01, 2021, have approved First Interim Dividend of Rs 18.50 per equity share on face value of Re. 1/- per share for the Financial Year 2021-22 amounting to Rs 6,877 crores.”

“The record date for the purpose of payment of dividend is Thursday, September 9, 2021, and the interim dividend will be paid within stipulated timelines as prescribed under law,” it further said.

Zee Business Manging Editor Ani Singhvi while reviewing the dividend price says, those who want to avail this dividend should have a delivery of the company shares in their Demat account at least till record date, which is decided as of September 9, 2021, by the company. 

He adds in the long-term, Vedanta looks good. It has achieved a target of Rs 320 apiece and will soon hit two other targets of Rs 375 and Rs 400 per share. The managing editor advises to book profit whenever it’s a good time and try to enter again seeing the metal’s sentiment and mood.

The stock at around 12:38 pm is trading near day’s level at Rs 308.3 per share, up 3.5 per cent on the BSE as compared to 0.56 per cent gain in the S&P BSE Sensex on Thursday.