13.55% Dividend Yield: Maharatna PSU Stock Rises On Announcement Of Dividend Record Date; Check

Bharat Petroleum Corporation Limited (BPCL) has officially announced the record date for its final dividend for the fiscal year 2023-24. The news, released on July 20, 2024, follows the company's first-quarter financial results that were unveiled on July 19.

The company has designated August 9, 2024, as the record date for its final dividend payout of Rs 10.5 per share for FY24. This date is crucial as it will determine which shareholders are eligible to receive the dividend. Those who are registered in BPCL's books by this date will benefit from the dividend.

Following the record date, BPCL is expected to hold its Annual General Meeting (AGM) in August, though the exact date has yet to be announced. The company has pledged that dividend payments will be processed within 30 days of the AGM, ensuring timely distribution to its shareholders.

The announcement of the record date comes in the wake of BPCL's first-quarter results for FY24, released on July 19. The results reveal a significant drop in profit, with BPCL reporting a 71% decline compared to the same period last year. The company's profit for Q1 stood at Rs 3,015 crore, a stark decrease from Rs 10,551 crore reported in the previous year.

Despite the profit slump, BPCL's revenue from operations remained relatively stable at approximately Rs 1.28 lakh crore, nearly matching last year's figures. The sharp decline in profit has been attributed to weaker gross refining margins (GRMs) and the impact of higher crude oil prices, which have pressured the company's financial performance.

In market news, BPCL's shares showed resilience despite the profit drop. As of 3:20 pm on the National Stock Exchange (NSE), BPCL's stock was trading at Rs 308.30 per share, reflecting a gain of nearly 1.50%. Over the past year, BPCL's stock has delivered returns, with a gain of over 55%.