TCS Fixes Record Date For Rs 24 Final Dividend, Scrip Trading At A Dividend Yield of 2.75%

IT giant Tata Consultancy Services (TCS) opened today on a positive note after the Board fixes record date for final dividend. At the meeting that took place on Wednesday, April 12, 2023, the Board of Directors 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.

In order to determine the eligibility of the shareholders for the purpose of dividend, the Board of TCS said today in a stock exchange filing that "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."

Tata Consultancy Services Ltd. has issued 78 dividends since October 28, 2004, according to data from Trendlyne. Tata Consultancy Services Ltd. announced an equity dividend in the amount of Rs 91.00 per share in the last 1 year. This generates a dividend yield at the current share price of Rs. 3308.15 of 2.75%. TCS had already declared a special dividend of Rs 67 per share for FY23 along with the third interim dividend of Rs 75 per share in January of this year.

In the quarter that ended in March 2023, TCS's net profit increased by 14.8% to Rs 11,392 crore from Rs 9,926 crore in the same period of FY22. Revenue climbed by 16.9% to Rs 59,162 crore from Rs 50,591 crore in the same period last year. The company declared a net profit of Rs 42,147 crore for the fiscal year 2023 as opposed to Rs 38,327 crore for the fiscal year 2022.

TCS opened on Monday at Rs 3313.00 apiece on the BSE and went on to Rs 3316.65 clocking an upside gap of 0.37% while writing this copy. The stock touched a 52-week-high of Rs 3,575.00 on (16/02/2023) and a 52-week-low of Rs 2,926.00 on (26/09/2022). During Q4FY23, the company recorded 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%.

A R Ramachandran, Co-founder & Trainer-Tips2trades said "TCS looks sideways to bearish on the Daily charts with strong resistance at 3372. A daily close below support of 3265 could lead to targets of 3200-3125 in the near term."