PSU defence stock Bharat Electronics (BEL) has approved a second interim dividend of Re 0.6 per share for the current financial year 2022-23. The company has fixed March 25 as the record date to determine the eligibility of shareholders for the payment of said dividend.
“The Board of Directors of the company at its meeting held on 17 March declared a second interim dividend of Re 0.60 (60 per cent) per equity share of Re 1 each fully paid-up for the financial year 2022-23,” the company said in a filing.
The record date for the same has been fixed as next week on Saturday, March 25, 2023. The stock was trading more than 2 per cent higher at Rs 94 apiece on the BSE in Friday’s afternoon deals.
“We would like to inform you that the Record Date for the purpose of ascertaining the eligibility of the shareholder for payment of Second Interim Dividend on Equity Shares of the Company for the Financial Year 2022-23, if declared, will be Saturday, the 25th March, 2023,” it had said in a filing earlier this month.
The shares of the company will go ex-dividend a day or two days before the record date. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment.
BEL has paid an interim dividend of Rs 3.60 per share in the last 12 months, resulting in a dividend yield of 3.84%.
The PSU defence company recently reported a marginal 3% rise in its net profit to Rs 599 crore in the third quarter as against Rs 583 crore in the same period a year earlier. Meanwhile, net sales of the company rose 10% year-on-year to Rs 4,046 crore during the same period.
Led by the government, Bharat Electronics primarily manufactures advanced electronic products for ground and aerospace applications. The company has a Navratna status by the Government of India. BEL shares are up more than 34 per cent in a year’s period.
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