Vedanta Ltd., the Indian subsidiary of Vedanta Resources Ltd. (VRL) announced that it will give a dividend of INR 50bn ($662mn). This will be its second interim dividend payout this year after its prior INR 69bn ($910mn) dividend announcement in September. It comes after Vedanta Ltd.’s cash-rich unit Hindustan Zinc announced a payout of $1bn last week. Mint notes that VRL would be the biggest beneficiary of Hindustan Zinc’s dividend as it will help repay some of its debt obligations. Also, the Indian miner posted a 5.5x YoY jump in net profits to INR 42bn ($550mn) in the quarter ended September on the back of a rally in base metals and aluminum prices. Its revenues from operations also rose 44% YoY to INR 305bn ($4bn) during the quarter.
Vedanta’s dollar bonds were flat, with its 13.875% 2024s at 107.5, yielding 9.82%.
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