“We wish to inform you that the Board of Directors of the Company, through a resolution passed by circulation on Wednesday, March 2, 2022, have approved a third interim dividend of Rs 13 per equity share,” the company said in an exchange filing.
The total payout from the company will be Rs 4,832 crore, of which Rs 3,367.42 crore will go to promoters.
Recently Moody’s Investors Service changed the outlook on Vedanta’s parent to negative from stable, citing “large near-term refinancing requirements amid tightening liquidity in the capital markets.” This dividend is sure to give some breathing space to Anil Agrawal and his executives.
Ahead of the announcement, shares of Vedanta rose 1.6 per cent. Another thing working for the stock is the ongoing crisis in Europe that will raise prices of commodities it mines.
Did the auto sales data disappoint?
Shares of auto stocks were among the biggest losers on Wednesday as traders reacted to the auto sales data for February, which was lower than what analysts expected. However, that is not the only thing making Street jittery.
Indian fuel prices are set to rise up to Rs 10 per little in the next week as assembly elections get over.
More expensive fuel means fewer sales of vehicles that run on it. This makes the outlook of auto stocks very bleak.
The fuel price will likely continue rising given the rally in crude prices is far from over. Analysts see crude oil around $80 per barrel only at the end of 2022. That means the slump in sales may be long term.
Electric vehicle makers must be grinning through their teeth now!
Panacea sells biz
Panacea Biotec said it is selling its pharmaceutical formulation brands Panacea Biotec Pharma, a subsidiary, in India and Nepal to Mankind Pharma, for an aggregate consideration of Rs 1,872 crore. The business contributed one-third of its total revenue.
The transaction is expected to be completed within the current financial year i.e. on or before March 31, 2022.
The news brought buyers to the stock as they sense the company may reward its shareholders. The stock climbed 5 per cent in Mumbai trading on Thursday.
