Dividend stocks king: Vedanta to turn ex-dividend for 5th interim dividend of 2050% on 6 April
2 min read . Updated: 02 Apr 2023, 08:00 PM IST
Premium- Vedanta approved a fifth interim dividend of ₹20.50 per equity share i.e., 2050% on a face value of Re 1 each for the financial year FY23. This specific dividend payout will come to around ₹7,621 crore.
Billionaire Anil Agarwal's Vedanta Limited is king when it comes to paying dividends to its shareholders. It has the highest dividend yield in large-cap space. For fiscal FY23, Vedanta has paid a total of four interim dividends, and the fifth one is just around the corner. Vedanta stock is set to turn ex-dividend later in this week's trading session. It will be paying a breath-taking 2050% fifth interim dividend!
Last week, Vedanta approved a fifth interim dividend of ₹20.50 per equity share i.e., 2050% on a face value of Re 1 each for the financial year FY23. This specific dividend payout will come to around ₹7,621 crore.
The company has fixed April 7 as the record date to determine shareholders for the dividend benefits. Since the listed stocks are now following the "T+1" settlement option, Vedanta shares will turn ex-dividend on April 6th.
It simply means, those shareholders whose name appears in the registrar of the company on exchanges and respective depository on April 7th will be entitled to receive the fifth interim dividend of ₹20.50 per equity share.
A R Ramachandran, Co-founder & Trainer-Tips2trades said, "Even though Vedanta has been fundamentally a good stock, the past 2 quarterly profits have been below average & coupled with increasing debt has ensured poor stock price returns this year. Technically, 295 is a very strong resistance on the Daily charts. Investors should buy only if Daily close is above 295 for targets of 317-335 in the near term. Support will be at 266."
Last week, on Friday, Vedanta stock finished at ₹274.70 apiece down by 2.52% on BSE. Its market cap is over ₹1.02 lakh crore.
Prior to the fifth interim dividend, in the financial year, Vedanta paid a hefty dividend on four occasions. The first interim dividend was ₹31.50 per share aggregating to 3150% in May last year, while the second interim dividend was ₹19.50 per share which is 1950% in July, and the third interim dividend stood at ₹17.50 per share (1750%) in November of 2022.
Vedanta's fourth dividend was ₹12.50 per share (1250%) in February 2023.
That being said, Vedanta will be paying a total of five interim dividends in FY23. It would total to around 10,150% aggregating to ₹101.5 per equity share. This would be more than double the size of the dividend payment in FY22.
During the financial year FY22, Vedanta paid a total equity dividend of a whopping 4500% aggregating to ₹45 per share.
As per the latest Axis Securities report, Vedanta topped the charts in large-cap space with the highest dividend yield of 28.6%. In the last 12 months, the company paid ₹81 per share as a dividend benefit. This data is excluding the fifth interim dividend and hence the dividend yield will rise further.