Vedanta was the star of the Indian Stock market today as the shares of the company rose sharply in the morning trade on July 20, a day after the company announced a hefty second interim dividend. The government’s decision to slash additional excise duty imposed on crude oil production also gave a boost to the stock.
Vedanta announced a Rs 19.5 a share second interim dividend that will result in a dividend payout of Rs 7,250 crore. The company’s total dividend payout for 2022-23 is now close to Rs 19,000 crore.
Vedanta continues to payout great dividends
The large dividend payout is important for Vedanta’s promoter Vedanta Resources that is hurting from a high debt burden at a time when global interest rates have risen sharply.
Vedanta’s promoter had aggressively taken on debt from investors in the run-up to its now failed delisting offer in 2020.
