Veedol Corporation Limited — Important, 12-11-2024: Updates

The Board of Directors at Veedol Corporation has resolved several important matters during its recent meeting. The company approved the financial results for the quarter and half-year ending September 30, 2024, revealing total income of ₹378.09 crore for Q2 and ₹776.32 crore for the half-year, with a profit after tax of ₹19.50 crore for Q2 and ₹46.28 crore for the half-year. Additionally, a first interim dividend of ₹20 per share (1000%) was declared, set for distribution by December 10, 2024.

They also announced the resignation of Rashmi Joshi as Group CFO effective January 31, 2025, and appointed Upendra Gadre in the same role starting January 1, 2025. Furthermore, Murli Vasudevan was appointed Vice President-Sales (Automotive Aftermarket) as of November 12, 2024.

On a strategic note, the government has granted in-principle approval for the disinvestment of 6% of its stake in the company held by Andrew Yule & Co. Ltd., which is worth monitoring as it may influence market dynamics. Overall, these developments reflect a focus on leadership changes and maintaining robust financial health, suggesting a positive outlook for investors.