ITC shares dip as stock trades ex-dividend today

Market


Shares of ITC Ltd were trading 0.7% lower at 264 apiece on the BSE in Thursday’s early deals, as the stock started trading ex-dividend, ahead of the record date for its recommended dividend for the financial year 2021-22.

The FMCG conglomerate has fixed Saturday, 28th May, 2022 as the Record Date for the purpose of determining entitlement of the Members for payment of final dividend. The ex-dividend date for stocks is generally one business day prior to the record date.

Along with its Q4FY22 earnings’ release, ITC said its board of directors has recommended a final dividend of 6.25 per ordinary share of Re 1 each for FY22. Together with the interim dividend of 5.25 per share paid on March 4, 2022, the total dividend for the financial year ended 2021-22 amounts to 11.50 per share.

The dividend is subject to declaration of the same by the Members at the 111th Annual General Meeting (AGM) of the company convened for Wednesday, 20th July, 2022. The final dividend, if declared, will be paid between Friday, 22nd July, 2022 and Tuesday, 26th July, 2022 to those Members entitled thereto.

The FMCG major posted 12% growth in net profit to 4,195 crore for the January-March period, compared with 3,755 crore a year ago. The Kolkata-based company’s revenue from operations rose 15% to 17,754 crore as against 15,404 crore in the last year period.

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