Vedanta shares hit a 52-week high of Rs 515.8 on the NSE, trading with strong volumes as over 1.02 crore shares changed hands.
The company has set October 16 as the record date for the interim dividend. The Anil Agarwal-led company had previously announced interim dividends of Rs 20, Rs 4, and Rs 11.
Overall, the metals sector was trading with a strong positive bias. The Nifty Metal index jumped over 1.5% and hovered around 10,135, with all 15 stocks in the index trading in the green. National Aluminium emerged as the top gainer, followed by Hindalco, SAIL, Hind Copper, Tata Steel, and Vedanta, which all rose by up to 3%.
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Vedanta shares have delivered impressive multibagger returns of 144% over the past 12 months, with a 98% increase so far in 2024.The company reported a 37% year-on-year (YoY) growth in consolidated net profit, reaching Rs 3,606 crore in the June-ended quarter, compared to Rs 2,640 crore in the previous year. Revenue from operations during the reporting quarter rose 6% YoY to Rs 35,239 crore, up from Rs 33,342 crore in the corresponding quarter last year.The company’s EBITDA during the quarter jumped 47% YoY to Rs 10,275 crore and margins stood at 34%.
Operationally, the overall cost of the production declined by 20% YoY due to structural changes and other initiatives.
The company clocked the highest-ever Alumina production at Lanjigarh refinery at 539 kt, up 36% YoY driven by new capacity. Cast Metal production of Aluminium was at 596 kt, up 3% YoY. Meanwhile, Aluminium cost of production was lower by 11% YoY.
The domestic Zinc mined production during the first quarter was at a record 263 kt, showing a growth of 2% YoY. The quarter also saw the highest-ever refined metal production in the first quarter at 262 kt, up 1% YoY.
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