Vedanta Cancels Board Meeting To Consider Fourth Interim Dividend

Vedanta Ltd. on Wednesday cancelled its board meeting that was to be held on Oct. 9 for the consideration of its fourth interim dividend for this financial year. The meeting, which was initially set for Tuesday, had also been postponed due to unforeseen circumstances.

"We wish to inform that due to unforeseen circumstances we withdraw the Notice of Board Meeting proposed to be held on Oct. 9, 2024, and accordingly the Board meeting hereby stands cancelled," the company said in an exchange filing.

So far this financial year, Vedanta has already declared three interim dividends. The most recent one of Rs 20 per share, approved on Sept. 2, 2024, totalled Rs 7,821 crore.

Earlier in the fiscal, the company had announced a second interim dividend of Rs 4 per equity share in July, amounting to Rs 1,564 crore, following the first interim dividend of Rs 11 per share.

Vedanta's steel production fell 7% year-on-year to 6,52,000 tonnes in the first half of FY25, from 7,02,000 tonnes during the same period in the preceding financial year. Maintenance at an oxygen plant and debottlenecking of the steel melting shop in the second quarter impacted steel production, the company had said earlier this month.

Meanwhile, it recorded its highest ever quarterly and half-yearly aluminium production in July–September and in the first half of the year. Aluminium production rose 21% to 1,205 kg tonnes in the first half ended in September.

Vedanta also recorded its highest ever second-quarter mined and refined metal production of zinc in India as refined metal production increased 5% year-on-year to 524 KT in the second half.

Shares of Vedanta fell as much as 1.67% during the day to Rs 489.15 apiece on the NSE. The stock closed 0.24% lower at Rs 496.25 per share. This compares with a 0.12% decline in the benchmark Nifty 50. It has risen 126.65% in the last 12 months and 92.98% year-to-date.

Of the 14 analysts tracking the company, eight maintain a "buy" rating, five recommend a "hold," and one suggests a "sell,"  according to the Bloomberg data. The average 12-month consensus price target implies a downside of 0.8%.