This Maharatna Company Declares Record Date To Pay Final Dividend: Key Points

Steel Authority of India Limited (SAIL) is one of the largest steel-making companies in India and one of the Maharatnas of the country's Central Public Sector Enterprises. SAIL produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials. The large-cap company has a market capitalization of Rs 30,937 crore. The board of SAIL has fixed record date on July 19 for final dividend. Check details below:

1. SAIL to pay final dividend of 22.50%

The board of directors of SAIL in the BSE filing pertaining to the record date for final dividend said, "Pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that the record date for determining the eligibility of the shareholders to receive the Final Dividend for the Financial Year 2021-22 has been fixed as Friday, 29"' July, 2022. The Final dividend for FY 2021-22 as recommended by the Board, and if approved by the Shareholders in the ensuing Annual General Meeting (AGM) shall be paid (subject to TDS) within 30 days from the date of the approval by the shareholders."

Earlier, the company on May 23 recommended a final dividend of 22.50% or Rs 2.25 per equity share.

2. SAIL stock outlook

The current market price of the stock is Rs 74.85 apiece and till now the share has gained 2.19% (9:25 am). The 52-week high of the stock is Rs 145.90 and 52-week low is Rs 63.60 apiece, respectively. It is a company with strong financials and brokers have also upgraded recommendations or target price of the stock.

The stock has given a return of 15% in 1 month, fell 26% in 3 months, and gave a return of 20% in 5 years. In 3 years it has given maximum return of 64%.

3. SAIL dividend history

The company has a good dividend history and declared dividend regularly for the last 5 years. The company has declared an equity dividend of 87.50% or Rs 8.75 per share for the year ending March 2022. The company has an attractive dividend yield of 11.95%.

4. About SAIL

The Government of India owns about 65% of SAIL's equity and retains voting control of the Company. However, SAIL, by virtue of its 'Maharatna' status, enjoys significant operational and financial autonomy. SAIL manufactures and sells a broad range of steel products, according to its official website.