Last updated: March 17, 2023, 2:55 PM IST
PSU defense stock Bharat Electronics (BEL) has approved a second interim dividend of Re 0.6 per share for the current fiscal year 2022-23. The company has set March 25 as the record date to determine shareholders’ eligibility for dividend payment.
“The Company’s Board of Directors, at its March 17 meeting, announced a second interim dividend of Re 0.60 (60 percent) per share of Re 1 shares each fully paid for fiscal year 2022-23,” the company said. said in a file.
The record date for this has been set as next week on Saturday, March 25, 2023. The stock traded more than 2 percent higher at Rs 94 apiece on the BSE in Friday afternoon deals.
“We would like to inform you that the Record Date to determine shareholder eligibility for payment of the Second Interim Dividend on Shares of the Company for fiscal year 2022-23, if announced, will be Saturday the 25th. March 2023,” it said in an application earlier this month.
The shares of the company go ex-dividend one day or two days before the record date. When a company goes ex-dividend on a certain date, the stock does not have the value of the next dividend payment.
BEL has paid an interim dividend of Rs 3.60 per share in the past 12 months resulting in a dividend yield of 3.84%.
The PSU defense company recently reported a marginal 3% increase in its net profit to Rs 599 crore in the third quarter, compared to Rs 583 crore in the same period a year earlier. Meanwhile, the company’s net sales increased by 10% year-on-year to Rs 4,046 crore during the same period.
Under the direction of the government, Bharat Electronics mainly produces advanced electronic products for ground and aerospace applications. The company has a Navratna status from the Government of India. BEL shares are up more than 34 percent in a year.
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