2 Maharatna, Miniratna Stocks Fix Record Date For Interim Dividend, Net Profit Jump, Invest

One maharatna stock namely, Power Finance Corporation Ltd and one miniratna stock, RITES Ltd have fixed record date for interim dividend on Thursday. The board of Power Finance Corporation has said that the dividend will be paid on or before December 9, 2022. Meanwhile, miniratna stock RITES has fixed November 18, 2022 as the record date. Check key takeaways below:

1. Power Finance Corporation Ltd

The current market price of Power Finance is Rs 116 apiece with 52-week high at 142 and 52-week low at Rs 97 apiece. The stock has fallen 16% from 52-week high. The company has a market capitalisation of Rs 30,849.36 crore.

The large cap company said in the BSE filing, "The Board of Directors of Power Finance Corporation Ltd. in its meeting held today i.e. 10th November, 2022 have inter alia considered and approved the following: Declaration of Second interim dividend @ Rs 3.00 (Rupees three only) per equity share (subject to deduction of TDS) on the face value of the paid-up equity shares of Rs 10/- each for the FY 2022-23. Further, it is to inform that 25th November, 2022 (Friday) shall be reckoned as the 'Record Date' for the purpose of ascertaining the eligibility of shareholders for payment of Second Interim Dividend for the FY 2022-23. The date of payment /dispatch of the aforesaid interim dividend shall be on or before 09th December, 2022."

The record date is fixed as November 25, 2022.
Power Finance Net Profit Rise: The net profit of the Maharatna company surged 4.99% to Rs 3935.26 crore in the quarter ended September 2022 as against Rs 3748.22 crore during the previous quarter ended September 2021. Sales jump 0.36% to Rs 19306.22 crore in the quarter ended September 2022.

Incorporated on July 16th, 1986, Power Finance Corporation Ltd. is a Schedule-A Maharatna CPSE, and is a leading Non-Banking Financial Corporation in the country.

2. RITES Ltd

The current market price of RITES Ltd is Rs 380 apiece. The stock witnessed a decline of 7% intraday. The mid-cap company has a market capitalisation of Rs 9150 crore.

The Board of Directors have declared second interim dividend for the Financial Year 2022- 23 at the rate of 4.5 per share (45 % of paid up share capital) of the company. The record date set for the purpose of payment of second interim dividend for Financial Year 2022-23 is November 18, 2022.

RITES Limited, a Miniratna (Category-I) and Schedule 'A' Central Public Sector Enterprise under the Ministry of Railways, incorporated on April 26, 1974.

It is a multidisciplinary engineering and consultancy organization, providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologies.

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