10% To 125% Dividends: Birlasoft, Oberoi Realty, RITES, 3 Other Stocks Turned Ex-Dividend On November 8

Six stocks are in focus on Wednesday as they trade ex-dividend for dividends payout in the range of 10% to 125%. These stocks are Birlasoft, Bigbloc Construction, Great Eastern Shipping Co, Oberoi Realty, RITES Ltd, and Supreme Petrochem. Majority of these stocks were in green.

1. Birlasoft Dividends:

The share price traded near its 52-week high of Rs 600.10 apiece. On BSE, Birlasoft shares gained over 1.1% to an intraday high of Rs 591 apiece in early trade.

The company's shares are turning ex-dividend for an interim dividend of Rs 2.5 per share (125%) having a face value of Rs 2 each for FY24.

Religare Broking in its latest report said, "We believe Birlasoft posted a strong set of numbers for Q2FY24, despite macro concerns impacting other IT players. Further, management remains positive on the demand, continuous flow of order book and upskilling of employees will lead to growth. Besides, they have plans to diversify into Europe and the rest of the world as well as hire a senior-level manager which would add to its revenue growth. Additionally, we remain optimistic about Birlasoft as the company is strengthening its leadership team, has a strong order pipeline, easing attrition and improving financials will continue to aid growth. On the financial front, we expect its revenue/EBITDA to grow by 15.5%/44% CAGR over FY23-25E and revise our rating to Buy and target price upwards to Rs 651."

2. Oberoi Realty Dividends:

On BSE, the share price gained over 2% with an intraday high of Rs 1236.95 apiece.

It has declared an interim dividend for FY23-24 at the rate of Rs. 2 per equity share i.e. 20% of the face value of equity shares of Rs. 10/- each. The said interim dividend shall be paid starting from November 20, 2023.

On this real estate stock, last week, Antique Stock Broking in its report said, "Unlike other grade A developers such as LODHA, DLF, GPL, and PEPL which are witnessing significant growth capitalizing on the current housing upcycle, OBER is missing out on capitalizing on the residential demand due to delays in new launches and lack of inventory. In our view (a) The Thane project (Kolshet and Pokhran Road) launches and (b) Entry into NCR will define the future growth trajectory in the residential segment. We value the company on a SoTP basis with a TP of INR 1,069. Maintain HOLD."

3. RITES Dividends:

The stock gained by at least 1.5% with an intraday high of Rs 455.90 apiece during the day of ex-dividend on BSE.

RITES has declared a second interim dividend for the Financial Year 2023-24 at the rate of Rs. 4.50 per share (45% of the paid-up share capital of the company).

At present, Antique Stock Broking has recommended buying RITES shares for a target price of Rs 621.

4. Great Eastern Shipping Co Dividends:

The company's board has declared an interim dividend of Rs. 6.30 per share to the equity shareholders of the Company. The interim dividend will be paid to the shareholders on or after November 22, 2023. In percentage terms, the payout is 63%.

During the time of ex-dividend, the stock ranged from Rs 770.75 apiece to Rs 762.30 apiece respectively. The stock currently trades in red.

So far, the company's current fleet stands at 42 vessels, comprising 29 tankers (6 crude carriers, 19 product tankers, 4 LPG carriers) and 13 dry bulk carriers aggregating 3.33 Mn dwt.

5. Supreme Petrochem Dividends:

The stock price was marginally up on Wednesday and traded near its intraday high of Rs 585.20 apiece.

Supreme Petrochem's shares turned ex-dividend for an interim dividend of Rs 2 per share (100%) for FY24 having a face value of Rs 2 each. The dividend payout is to the tune of Rs 37.61 crore.

6. Bigbloc Construction Dividends:

This cement stock was up by nearly 1% and traded near its intraday high of Rs 155.15 apiece on BSE.

The company has declared Interim Dividend at the rate of 10% per Equity Share of Rs. 2/- each fully paid up, i.e. Rs 0.20/- per Equity Share on 7,07,87,875 numbers of Equity Shares of the Company for the FY 2023-24.

Dividends are generally distributed in a certain proportion by listed companies from their net profits earned in a respective financial year. Dividends are among many rewards that are paid for holding equity shares. Other incentives are bonus issues and also stock split benefits.

Meanwhile, the ex-dividend date is the day when the price of the equity share of the listed company gets adjusted for the dividend payout.