In recent days, a number of Tata companies have made announcements regarding dividends. Among them,
Nelco, Tata Power, Indian Hotels, and Voltas are set to trade on ex-dividend next week. The ex-dividend date is the day before the record date, which determines the shareholders.
Nelco:
The board of directors of Nelco, a Tata company, has proposed a dividend of 20% or Rs 2 per equity share for the financial year 2022-23.
This recommendation is subject to approval at the upcoming Annual General Meeting scheduled for Thursday, June 22, 2023.
The record date has been set for Tuesday, June 6. Nelco Ltd, Tata Group’s satellite communication services company, reported a revenue of ₹82.8 crore for the quarter ending March 2023, a 13.1% increase from the year-ago quarter.
On Wednesday, Nelco shares closed at ₹619, up 1.23% from the previous closing price of ₹611.45.
Tata Power:
Tata Power’s board of directors has recommended a dividend of ₹2 per equity share (200%) for the fiscal year ending March 31, 2023. The ex-dividend date is June 7.
Tata Power’s profit for the quarter ending March 31, 2022, saw a significant growth of nearly 48% to ₹939 crore.
Total revenue also grew by 6% to ₹12,755 crore compared to ₹12,085 crore in the previous quarter.
Tata Power shares closed at ₹213.30 on Wednesday, showing a decrease of 1.66% from the previous close of ₹216.90.
Indian Hotels:
The board of directors of Indian Hotels, a Tata-owned company, has declared a dividend of ₹1 per share for FY23, and the stock is set to go ex-dividend on June 9, 2023.
The company reported a 65% increase in revenue from operations for the fiscal year FY22-23, with the figure rising from ₹3056.22 crore to ₹5809.9 crore.
On Wednesday, shares of Indian Hotels Company closed at ₹389, up 0.92% from the previous closing price of ₹385.45.
Voltas:
The board of directors of Voltas, another Tata company, has recommended a dividend of 425% or Rs 4.25 per share for the fiscal year 2022-23.
The stock will go ex-dividend on June 9, 2023. During the March 2023 quarter, the company’s net profit declined by 21.6% to ₹143.23 crore, compared to ₹182.71 crore in the corresponding quarter of the previous year.
Voltas shares closed at ₹821.90 on Wednesday, showing a marginal increase of 0.01% from the previous close of ₹821.85.
