Large Cap Stock Declares 275% Special Dividend, To Go Ex-Dividend On Aug 25, Up 400% In 3 Yrs

ABB India Ltd, a Heavy Electrical Equipment Company, has announced its April-June quarter results of FY23-24. The company reported a 101% year-on-year (YoY) increase in net profit for the June quarter at Rs 295.6 Crore. Total revenue was Rs 2,508.6 crore during the period under review, up 22.2% from Rs 2,052.5 crore in the preceding fiscal period.

The Board of Directors of the company has declared a special dividend of Rs 5.50 per share (275%) of the face value of Rs 2 each fully paid up for FY23. The Board also reviewed the earlier proposed record date and fixed Friday, Aug 25, 2023, as the new record date for determining the entitlement of the equity shareholders.

"This is to inform you that the Board of Directors of the Company at its Meeting held on August 11, 2023, has declared a special dividend of Rs.5.50 per share (Rupees Five and Fifty paisa only) i.e. (275%) on 21,19,08,375 Equity Shares of face value of Rs.2/- each fully paid up for the financial year 2023. The special dividend will be paid on or before September 5, 2023 to the equity shareholders of the Company, whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Friday, August 25, 2023," the Board said in a filing.

In another filing, the Board said, "the Board at it meeting held today has reviewed the earlier proposed record date in terms of Regulation 42 of the Listing Regulations and has fixed the record date for the purpose of determining the entitlement of the equity shareholders as Friday, August 25, 2023."

ABB India's shares closed 0.47% higher at Rs 4526.55 apiece on BSE with intraday highs and lows of Rs 4558.90 and Rs 4487.45, respectively. On BSE, tts recorded 52-week high is Rs 4615 apiece and 52-week low is Rs 2640.45 apiece. The stock jumped 2.09% in the last 1 week. In YTD it gave 68.84% return. In 1 and 2 years, it gave 61.75% and 170.15%, respectively. It gave 400.92% return in 3 and in 5 years, it gave 326.67% returns.

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