Vedanta Ltd informed the exchanges on Wednesday that its scheduled board meeting for the day was cancelled due to unforeseen circumstances. The meeting was originally planned to discuss the fourth interim dividend for FY25.
"We withdraw the notice of board meeting proposed to be held on October 9, and accordingly the meeting hereby stands cancelled," the company said in a filing.
The company has set October 16 as the record date for the proposed dividend, should it be declared.
Vedanta has a solid track record of paying dividends and boasts one of the highest dividend yields in the market. Over the past 12 months, the company distributed ₹46 per share in dividends, resulting in a yield of 9.19%.
The metals giant has already declared three dividends in the current fiscal year, with six months still remaining.
In the first half of the year, Vedanta achieved its highest-ever quarterly and half-year aluminium production, reaching 1,205 kt. The company also saw a 21% year-on-year (YoY) increase in alumina production.
Vedanta also recorded its highest-ever second-quarter production of mined and refined metal in Zinc India, with mined metal reaching a new high. Refined metal production rose by 5% YoY to 524 kt in the first half of the year.
Vedanta's shares have had an impressive run this year, surging 92% year-to-date.
ICICI Securities recently resumed coverage of Vedanta's stock, setting a target price of ₹600. The brokerage firm believes that Vedanta's growth strategy is centered around increasing volume, enhancing value, and reducing costs across its various segments.
“We value VEDL on the SoTP methodology. Our TP works out to INR 600/share, implying a 17% upside from CMP. Besides, dividend yield of 5–6% over the next three years is an additional sweetener. We resume coverage on VEDL with a BUY rating,” the brokerage firm said in a note.
