Skip to content
Search

Latest Stories

Vedanta declares £1.22 bn dividend as profit soars

COMMODITIES major Vedanta Ltd reported a 58 per cent jump in its annual net profit, riding on a surge in metal and energy prices.

Shareholders of the Anil Agarwal-led company are set to receive a windfall of Rs 117.10 billion (£1.22 bn) as it declared a first interim dividend of Rs 31.5 (33p) per share.

Its profit after tax (PAT) rose to Rs 237.09 bn (£2.47 bn) for the financial year ended on March 31 against Rs 150.33 bn (£1.57 bn) a year ago, reflecting the company’s focus on volume growth as commodity prices boomed.

The income from operations shot up 51 per cent to Rs 1.3 trillion (£13.66 bn) during the year under review from Rs 868.63 bn (£9.05 bn) in the previous year, while the earnings per share improved to Rs 50.73 (53p) from Rs 31.32 (33p), the company said in a filing to stock exchanges.

However, the company’s PAT for the January-March quarter declined five per cent year-on-year to Rs 72.61 bn (£760 million) from Rs 76.29 bn (£790m) but went up 36 per cent compared to the October-December period. Its net debt declined by Rs 65.90 bn (£690m) to Rs 209.79 bn (£2.18 bn) since the end of December.

For the full year, the company reported an all-time high EBITDA (earnings before interest, taxes, depreciation and amortisation) of Rs 453.19 billion (£4.72 bn), up 66 per cent compared to the previous year.

Vedanta CEO Sunil Duggal attributed the performance to its “relentless focus on volume growth and operational efficiency, underpinned by structural integration and technology adoption”.

He said the pre-capex free cash flow of ₹27.54 bn (£290m) allowed the company to reinvest for growth.

Vedanta signed an agreement for 580 MW renewable power distribution in its bid to become a net zero-carbon organisation.

The company’s stock has been on an upswing since an attempt by Agarwal to take it private fell through in 2020. Its shares gained 59 per cent in the past year but declined by about half a per cent on the Bombay Stock Exchange on Friday (29) to Rs 409.4 (£4.26) when the general sentiment in the market was bearish.

More For You

Jio Platforms

Jio Platforms includes India’s largest telecom operator, Reliance Jio Infocomm, with more than 500 million users. (Photo: Reuters)

Reuters

Jio IPO planned for mid-2026, AI unit announced with Meta and Google

RELIANCE Industries plans to take its telecom and digital arm, Jio Platforms, public by mid-2026, chairman Mukesh Ambani said on Friday. The announcement sets a new timeline for the long-awaited IPO of a business analysts value at over $100 billion.

At its annual general meeting (AGM), Reliance also announced the launch of an artificial intelligence unit in partnership with Google and Meta.

Keep ReadingShow less
Asda tech overhaul

Asda sales fell 0.2 per cent in the three months to June 30, 2025 (AFP via Getty Images)

AFP via Getty Images

Asda boss hails tech overhaul as key to revival despite sales slump

THE chairman of Asda has admitted the supermarket chain still faces challenges after sales slipped again over the summer, but said the completion of a major IT overhaul was crucial for its recovery.

Allan Leighton told the Times that the long-delayed technology project, called Project Future, had finally been finished after years of setbacks and costs exceeding £1 billion. The work involved separating more than 2,500 systems inherited from former owner Walmart, following Asda’s 2021 takeover by TDR Capital.

Keep ReadingShow less
JLR-Getty

A logo is pictured outside a Jaguar Land Rover new car show room in Tonbridge, south east England. (Photo: Getty Images)

Getty Images

UK car exports to US rebound after trade deal

UK VEHICLE exports to the United States rose in July after a new trade deal between London and Washington reduced tariffs, industry data showed on Thursday.

According to the Society of Motor Manufacturers and Traders (SMMT), exports increased 6.8 per cent in July to nearly 10,000 units, following three consecutive months of decline.

Keep ReadingShow less
Relatives of jailed Briton appeal to UK minister in AgustaWestland row

Christian Michel

Relatives of jailed Briton appeal to UK minister in AgustaWestland row

THE family of Christian Michel, the British businessman accused of acting as a middleman in the AgustaWestland VVIP helicopter deal, has appealed to the UK government to push for his release from Delhi’s Tihar Jail.

Michel’s relatives met Foreign Office minister Catherine West in London on Tuesday (26). The Foreign, Commonwealth and Development Office (FCDO) said the minister listened to their concerns and updated them on ongoing steps being taken.

Keep ReadingShow less
Blackburn loses Issa empire as brothers move EG Group to US

Zuber and Mohsin Issa (Photo: LDRS)

Blackburn loses Issa empire as brothers move EG Group to US

ASIAN entrepreneurs Mohsin and Zuber Issa are moving the headquarters of their global forecourt company, EG Group, from Blackburn to the US in preparation for a major stock market listing in New York.

The firm confirmed that its main office will relocate to Charlotte, North Carolina, while a new base in Bolton, Greater Manchester, will handle its remaining UK operations, the Telegraph reported. The change brings an end to almost 25 years of the company being run from Blackburn.

Keep ReadingShow less