TCS shares to turn ex-dividend
TCS Shares Today: Shares of IT major Tata Consultancy Services (TCS) are trading ex-dividend today
TCS Shares Today: Shares of IT major Tata Consultancy Services (TCS) are trading ex-dividend today. The share price slipped 2 per cent in early morning deals on Monday, January 16. At 9:25 AM, the shares of India’s largest IT company quoted Rs 3304 apiece, down by Rs 70 or 2.06 per cent.
An ex-date is a date when a stock trades without the benefit of dividend or any other corporate action.
The IT major had announced an interim dividend of Rs 8 per share and a special dividend of Rs 67 per share earlier. The record date for the two dividends is January 17. The dividends would be paid to those shareholders, whose names will appear on the register of members of the company or in the records of the depositories as beneficial owners of the shares, as on Tuesday. The two dividends will be paid to eligible shareholders on February 3.
The third interim dividend and the special dividend will be paid to eligible shareholders of TCS on 3 February, 2023.
“The third interim dividend and the special dividend will be paid on 3 February, 2023, to the equity shareholders of the company, whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on 17 January, 2023, which is the record date fixed for the purpose,” the company had said in a regulatory filing.
The IT bellwether has a strong track record of distributing dividends to its shareholders, declaring 77 dividends since 28 October, 2004.
A dividend is the distribution of profits by a company to its shareholders. When a company makes a profit or surplus, it may pay out a proportion of the profit to shareholders in the form of a dividend.
Data available with corporate database AceEquity suggests TCS’ dividend yield stood at 1.27 per cent as of Friday’s close. TCS announced a total dividend of Rs 43 per share (yield 1.15 per cent) for FY22, totalling Rs 7,686 crore. In FY21, TCS announced a total dividend of Rs 38 per share; it declared a total dividend of Rs 73 per share in FY20, Rs 30 per share in FY19, Rs 50 per share in FY18, Rs 47 per share in FY17 and Rs 43.50 per share in FY16.
TCS reported an 11 per cent rise in December quarter net profit to Rs 10,846 crore, led by overall growth and forex gains. The Tata Group company had reported a post-tax net profit of Rs 9,769 crore in the year-ago period.
In the past 6 months, TCS’ shares have yielded around 8 per cent return to investors. The stock’s 52-week range is Rs 4,043.00 – Rs 2,926.10. The company has a market cap of Rs 12.14 lakh crore at current market levels.
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