Rs. 5 Dividend On The Way By IOCL’s Subsidiary, 1st August Confirmed As Record Date; Pick This PSU Stock?

A subsidiary of Indian Oil Corporation Ltd., Chennai Petroleum Corporation Limited (CPCL) is an Indian oil refining company. Following the Board's announcement of the record date for its planned 50% dividend on the paid-up equity share capital for the fiscal year 2024-2025, Chennai Petroleum is displaying indications of a rising trend on the chart pattern and may attract the attention of traders in the sessions to come.

Chennai Petroleum Corporation Dividend

"This is further to our communication dated 25th April 2025, wherein it was informed that the Board of Directors of Chennai Petroleum Corporation Limited at their Board Meeting had recommended a final equity dividend of Rs. 5/- per share (i.e.@ 50% on the paid up equity share capital) for the financial year 2024-25, subject to the approval of the members of the Company in the forthcoming Annual General Meeting (AGM) of the Company. Pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, it is hereby informed that the Company has fixed Friday, the 01st August, 2025 as the "Record date" for the purpose of ascertaining the eligibility of members for payment of final equity dividend of Rs. 5/- (Rupees Five Only) per equity share on the face value of Rs. 10/- each for the year 2024-25," said CPCL in a stock exchange filing.

TDS on Dividends: Company Issues Deadline for Tax Document Submission

"The final dividend, if approved by the members in the forthcoming AGM, will be paid to the eligible members within the stipulated period of 30 days from the date of AGM. Members may note that the Income Tax Act, 1961, as amended by the Finance Act, 2020, mandates that dividends paid or distributed by a company is taxable in the hands of members. The Company shall therefore be required to deduct tax at source ("TDS") at the time of making the payment of dividend. In order to enable the Company to determine the applicable TDS rate, members are requested to submit the relevant documents on or before Wednesday, the 13th August, 2025," CPCL confirmed in a regulatory filing.

Chennai Petroleum Share Price Target

"Chennai Petroleum is showing signs of a strengthening trend, having recently held support near ₹740 and trading above key short-term moving averages. Immediate resistance lies at ₹790-₹800, and a decisive breakout above this level could propel the stock toward ₹830-₹850. On the downside, support is maintained at ₹740, followed by ₹720. The price action remains constructive, characterized by higher lows and rising volume, which supports a bullish outlook. Momentum indicators suggest a favorable bias, and the trend remains positive while the stock sustains above ₹740. For short-term trades, a stop-loss near ₹735 could help manage downside risk, while buyers may look to accumulate on dips or a confirmed breakout above ₹800," commented Riyank Arora, technical analyst at Mehta Equities.

Disclaimer

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