ITC shares fall 2% on changing ex-dividend
Ex-dividend in ITC stock: Shares of cigarette-to-hotel conglomerate ITC fall 2 per cent
ITC stock turns ex-dividend: Shares of cigarette-to-hotel conglomerate ITC fell 2 per cent in the morning session on February 15 as they turned to ex-dividend on interim dividend for the current financial year 2022-23. The stock was trading down 2.02% at Rs 378.65 at 9:27 am in Wednesday’s intraday trade.
ITC has declared an interim dividend of Rs 6 per share for the financial year 2022-23. In the last 12 months, ITC has declared an equity dividend of Rs 6.25 per share. At current stock levels, this results in a dividend yield of 1.66 percent.
Giving information about the interim dividend, ITC said, “The Board of Directors of the Company, at its meeting held today i.e. February 3, 2023, has declared – (a) an interim dividend of Rs. 6/- per equity share. March 31, 1/- each for the financial year ending 2023; such dividend shall be paid to those members between Friday, the 3rd March, 2023 and Sunday, the 5th March, 2023. (b) of such interim dividend Wednesday, the 15th day of February, 2023 has been fixed as the record date for the purpose of determining the eligibility of members for the
The company said the dividend will be paid between March 3 and March 5.
After trading in a range over the past few years, ITC took off last year, delivering 74 per cent returns to investors. It’s been in the top so far this year smelly Performer, with 15 percent returns year-to-date.
In the last one month, the stock has jumped 17 per cent compared to less than 1 per cent rise in the S&P BSE Sensex. Brokers believe that the proposed tax increase on cigarettes in the Union budget 2023 Not much and it will be easily passed through through small price increases.
The cigarette-to-hotel group reported a 21 per cent rise in net profit at Rs 5,031 crore for the quarter ended December. Revenue from operations, net of excise duty, grew 2.3 per cent year-on-year to Rs 16,226 crore and beat estimates of Rs 16,810 crore.
ITC said economic activity continued to pick up with a sequential moderation in commodity inflation despite core inflation remaining elevated. However, rural demand remained relatively low, he said, while improving sequentially.
Management said, “Stability in the quantum of taxes on cigarettes, supported by preventive actions by enforcement agencies, is leading to continued volume recovery for the legal cigarette industry from illicit trade, thereby boosting demand for Indian tobacco.”
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