Vedanta shares surge 3% to hit record high, up 100% in CY24

The stock surged by an additional 3 percent, reaching a new all-time high of Rs 515.90 per share.

The broader metals sector is also experiencing a steady rise, driven by positive developments in China and interest rate cuts by global central banks, reports said.

China recently implemented measures, such as reducing the reverse repo rate, aimed at boosting its economy to achieve its 5 percent growth target for the year.

Additionally, aggressive rate cuts by the US Federal Reserve have fueled the rise in metal prices, creating a favorable environment for companies in the sector, according to reports.

This has led to multi-month highs in industrial metals like aluminum, copper, and nickel.

China, which consumes about 50 percent of the world's base metals, plays a critical role in the market.

Any increase in its domestic demand is likely to significantly impact global metal prices.

Vedanta’s recent rally has propelled its stock to a 100 percent gain in 2024, breaking a two-year streak of weak performance.

Vedanta announced that its board will meet on October 8 to consider and approve the fourth interim dividend for 2024-25.

The record date for determining shareholders' eligibility for this dividend is set for October 16, 2024, according to an exchange filing by the company.

On the capital expenditure front, Vedanta plans to invest around $8 billion in growth capex over the next few years.

This includes ramping up oil and gas production to 300,000 barrels per day and achieving a production target of 30 million tonnes per year from its iron ore operations in Liberia, according to reports.