Shares of Vedanta climbed 3.5 percent to hit their decadal highest level of ₹400.95 on BSE in morning trade on March 3.
The stock rose a day after the company said its board of directors had approved the "third interim dividend of ₹13 per equity share which is 1300 percent on the face value of ₹1 per share for the financial year 2021-22 amounting to about ₹4,832 crore."
The record date for the purpose of payment of dividends is March 10, 2022. The record date is the date decided by a company for determining who all are eligible to receive a dividend.
Shares of Vedanta cooled off later and traded with a gain of about a percent around 10.30 am.
Global financial firm Citi has a buy call on the stock with a target price of ₹435. Citi is bullish on the company's long term outlook.
An average of 15 analysts polled by MintGenie have a 'buy' rating on the stock.
The company had reported a 26.7 percent rise in consolidated net profit for the October-December quarter of FY22 at ₹5,354 crore as compared to ₹4,224 crore profit during the same period last year.
Besides, denying the merger talks with the India unit, the company had said that it had no plans of combining Vedanta Resources with itself. The company said that such reports are speculative and misleading to investors as no such proposal is under consideration.