Vedanta shares hit fresh 52-week high after company announces Rs 13 dividend; stock surges 14% in 5 trading sessions

Shares of Vedanta on Thursday surged to a new 52-week high for the second consecutive session after the Board of Directors of the company announced an interim dividend of Rs 13 for eligible shareholders on Wednesday. Shares of this metal stock had traded on fresh high of Rs 395.80 on Wednesday on the dividend news. Vedanta stock has touched its 52-week low on April 12, 2021. 

At 10 am on Thursday, shares of Vedanta were trading with a marginal discount of Rs 1.75 to 385.60 apiece on the BSE. 

Vedanta has given a return of nearly 80% to its shareholders in one year, while gained around 40% in the last one month.  

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In a BSE filing informing about the dividend on March 2, Vedanta said," We wish to inform you that the Board of Directors of the Company through resolution passed by circulation on Wednesday, March 2, 2022 have approved Third Interim Dividend of ₹ 13 per equity share i.e. 1300% on face value of Re. 1/- per share for the Financial Year 2021-22 amounting to Rs 4,832 Crores." 

The record date for the purpose of payment of dividend to eligible shareholder has been set March 10, 2022. The interim dividend will be paid within stipulated timelines as prescribed under law, read the exchange filing.  

This is the third interim dividend announced by Anil Agarwal-led company for FY2021-22.  

Earlier, Vedanta had announced an interim dividend of Rs 18.50 a share in In September 2021 and Rs 13.50 per share in December 2021.  

Vedanta has reported a consolidated net profit of 4,189 crore during the December quarter of FY22, up 27% year-on-year, the net profit reported in Q3 of FY22 on the back of strong commodity prices and high zinc sales volume.