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

Piyush Goyal

Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)

Getty Images

Trade talks with US moving forward positively, says Indian minister Goyal

INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.

He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.

Keep ReadingShow less
Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)
Getty Images

Economy shows no growth in July amid political turbulence

UK's ECONOMY showed no growth in July, according to official data released on Friday, adding to a difficult week for prime minister Keir Starmer’s government.

The Office for National Statistics (ONS) said gross domestic product was flat in July, following a 0.4 per cent rise in June.

Keep ReadingShow less
India’s IT sector

India’s $283 billion IT industry, which contributes more than 7 per cent to the country’s GDP, has for over three decades provided services to major clients including Apple, American Express, Cisco, Citigroup, FedEx and Home Depot.

iStock

India’s IT sector faces uncertainty as US proposes 25 per cent outsourcing tax

INDIA’s IT sector is facing uncertainty as US lawmakers consider a 25 per cent tax on companies using foreign outsourcing services.

Analysts and lawyers said the proposal has led to customers delaying or re-negotiating contracts, raising concerns in India, the world’s largest outsourcing hub.

Keep ReadingShow less
Rachel Reeves

'Our economy isn't broken, but it does feel stuck,' Reeves said, speaking alongside the release of a finance ministry report on business property taxation, known as rates.

Getty Images

Reeves signals possible changes to business property taxes ahead of budget

CHANCELLOR Rachel Reeves said on Thursday she is considering changes to business property taxes to support small firms looking to expand, as part of her plans to boost growth.

Reeves’ comments come ahead of her annual budget on November 26, at a time when concerns about possible tax rises and inflation are weighing on businesses and households.

Keep ReadingShow less