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New Delhi: Vedanta’s stock continued its strong performance today. This is the fifth consecutive trading day gain. The company’s shares rose by 3 per cent to reach a new all-time high of Rs 515.90. This surge in Vedanta’s stock is largely due to China’s recent economic measures, including a cut in the reverse repo rate, aimed at boosting its economy to meet its growth target of 5 per cent for the year.
Additionally, aggressive rate cuts by the US Federal Reserve have driven up the prices of industrial metals like aluminum, copper, and nickel, creating a favorable environment for metal companies like Vedanta. Since China is the largest consumer of base metals, accounting for about 50 per cent of global demand, any increase in the country's domestic consumption is likely to significantly impact the global metals market.
Stock Up 100% in 2024
This latest rally has led to a 100 per cent increase in Vedanta’s stock price this year, breaking a two-year trend of weaker performance.
Vedanta Dividend Announcement
Vedanta announced that its board will meet on October 8 to consider a fourth interim dividend for the financial year 2024–25. The record date for shareholders eligible to receive the dividend is set for October 16. So far, Vedanta has approved Rs 13,474 crore in dividends for the year.
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Vedanta Financials: EBITDA
Looking ahead, Vedanta aims to achieve USD 10 billion in earnings (EBITDA) in the near future. Out of this, the aluminum business is expected to contribute USD 4 billion, Zinc India around USD 2.7 billion, and the oil and gas division USD 1 billion. The rest will come from its other business segments like iron ore, steel, and power. This shows the company’s diverse sources of income and strong growth potential across different industries.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
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