IRCTC shares turn ex-dividend today. Do you own it?
2 min read . Updated: 22 Feb 2023, 12:43 PM IST
PremiumThe board of directors of IRCTC in its meeting held on February 9, 2023 declared an interim dividend of ₹3.50 per equity share
IRCTC, the tourism and ticketing arm of Indian Railways, is going to turn ex-dividend today as the company's board of the public sector undertaking has fixed record date for dividend payment.
The board of directors of Indian Railway Catering & Tourism Corp (IRCTC) in its meeting held on February 9, 2023 declared an interim dividend of ₹3.50 per equity share of face value ₹2 which is 175 per cent of the paid-up share capital amounting to ₹160 crore. It had fixed record date as February 22, 2023.
"Board of Directors of the Company at its meeting held on Thursday, February 9, 2023, has declared an interim dividend of Rs.3.50/- per share on Equity Shares of face value of Rs. 2/- each for the financial year 2022-23, which is 175% of paid-up share capital. The Board of Directors have fixed Wednesday, February 22, 2023 as the record date for the purpose of payment of Interim dividend. The payment of Interim Dividend will be made within 30 days of its declaration," said IRCTC in its filing.
The ex-dividend date is when the price of the equity shares of a company gets adjusted for the dividend payout. It is one or two working days before the record date. All the shareholders whose name appear in the company's list by the end of the record date will be eligible to receive dividends.
For the year ended March 2022, IRCTC has declared an equity dividend amounting to ₹3.5 per share. At the current share price this results in a dividend yield of 0.54 per cent.
IRCTC reported a consolidated net profit rose by 22.8 per cent to ₹256 crore for the December quarter (Q3FY23), from ₹208 crore reported in the year ago period.
The company's scrip was trading 1.76 per cent down at ₹627.90 on BSE.
IRCTC shares are expected to come out of the base building mode and it may go up to ₹750 apiece levels in medium term, said experts.
Sumeet Bagadia, Executive Director at Choice Broking said, "IRCTC shares have immediate support placed at ₹635 to ₹630 apiece levels while in case of a bounce back, it may go up to ₹680 apiece levels on higher side. On breaching ₹680 levels, IRCTC share price may climb up to ₹710 per share levels."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.