LIC Backed Tata Group Stock To Trade Ex-Dividend Today For 2400% Payout

Tata Consultancy Services Ltd is a large cap IT company that recorded a market cap of Rs 11,89,832.03 Cr during Wednesday's closing session. For the purpose of the 2400% dividend payout for its eligible shareholders for FY23, the company has set the record date as June 15, 2023.

"The Board of Directors at its meeting held on Wednesday, April 12, 2023 had recommended a final dividend of Rs 24 per equity share of Rs 1 each of the Company for approval by the shareholders at the AGM scheduled to be held on Thursday, June 29, 2023. Pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has fixed Thursday, June 15, 2023 as the Record Date for determining entitlement of Members to final dividend for the financial year ended March 31, 2023," said TCS in a stock exchange filing.

TCS has distributed three interim dividends to shareholders in FY23 prior to the final dividend payout of 2400%. The latest dividends were a special dividend of Rs 67 per share and an interim dividend of Rs 8 per share, both of which were paid in January 2023. At Rs 8 per equity share, the first interim dividend was paid in July 2022. In October of previous year, a similar Rs 8 per share dividend was declared as the second interim. When accounting for the three interim dividends, the corporation paid an equity dividend totaling 9,100% in FY23, or Rs 91 per share. Tata Consultancy Services has announced an equity dividend of 11500% at a face value of Rs 1, or Rs 115 per share, for the fiscal year ended March 2023. This generates a dividend yield of 3.54% at the current share price of Rs 3,245.30. The company has a solid track record of dividend declarations during the past five years. Tata Consultancy Services Ltd. has issued 79 dividends since October 28, 2004, according to data from Trendlyne.

TCS reported a 14.76% year-on-year (YoY) rise in consolidated net profit for the March 2023 quarter, coming in at Rs 11,392 crore vs Rs 9,926 crore in the same quarter last year. The IT behemoth with its headquarters in Mumbai recorded a 16.94% YoY increase in its consolidated revenue from operations, which increased to Rs 59,162 crore from Rs 50,591 crore in the same period last year.

On Wednesday, TCS shares closed on the NSE at Rs 3,245.30 apiece up by 0.05% from the previous close of Rs 3,243.70. The stock touched a 52-week-high of Rs 3,575.00 on (16-Feb-2023) and a 52-week-low of Rs 2,926.10 on (26-Sep-2022). During Q4FY23, TCS reported promoters shareholding of 72.30%, FIIs stake of 12.72%, DIIs stake of 9.58%, Govt stake of 0.05% and public stake of 5.36%. As per the shareholding pattern of TCS for January to March 2023 quarter, insurance giant Life Insurance Corporation of India held fully paid up equity shares of 16,34,27,223 or 4.47% stake in the company.