Vedanta Shares Edge Higher After Board Declares Second Interim Dividend

Vedanta Ltd. share price gained 1.14% on Friday after the company announced its second interim dividend on Thursday after market hours. The shares has earlier reversed losses on Thursday following the news of board mulling a second dividend.

The company will distribute nearly Rs 6,256 crore to shareholders. The board has fixed Aug. 27 as the record date for the purpose of dividend payment, the company said in an exchange filing on Thursday. Additionally, the company said it will pay the interim dividend within the stipulated timeline.

The company, in June, had announced its first interim dividend of Rs 7 per share. In the previous financial year, Vedanta gave Rs 17,000 crore in dividends to its shareholders, amounting to Rs 43.5 per share.

The scrip rose as much as 1.14% to Rs 452 apiece. It pared gave up some gains to trade 0.04% lower at Rs 446.70 apiece, as of 09:58 a.m. This compares to a 0.50% decline in the NSE Nifty 50 Index.

It has fallen 2.80% in the last 12 months. Total traded volume so far in the day stood at 6.5 times its 30-day average. The relative strength index was at 54.

Out of 15 analysts tracking the company, 10 maintain a 'buy' rating, four recommend a 'hold,' and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 12.9%