Last updated time: 17 March 2023, 14:55 IST
Defense PSU stock Bharat Electronics (BEL) has approved a second interim dividend of Re 0.6 per share for the current financial year 2022-23. The company has set March 25 as the record date for determining the right of shareholders to pay the said dividend.
“The Board of Directors of the company in its meeting held on March 17 declared a second interim dividend of Re 0.60 (60 per cent) per fully paid share of Re 1 for the financial year 2022-23,” the company said. – the document says.
The same record date is set for next week, Saturday, March 25, 2023. The stock was trading over 2% higher at Rs 94 on the BSE in mid-day trade on Friday.
“In order to determine that the shareholder has the right to pay the second interim dividend on the shares of the Company for the financial year 2022-23, we inform you that the registration date, if announced, will be Saturday 25. March, 2023,” he said in his application earlier this month.
The company’s shares receive ex-dividend one or two days before the date of calculation. When a company ex-dividends on a certain date, its shares do not carry the value of the next dividend payment.
BEL paid an interim dividend of Rs 3.60 per share in the last 12 months, resulting in a dividend yield of 3.84%.
The defense PSU recently reported a 3% rise in net income to Rs 599 crore in the third quarter, compared to Rs 583 crore in the year-ago period. Meanwhile, the company’s net sales rose 10% year-on-year to Rs 4,046 crore in the same period.
Government-run Bharat Electronics mainly manufactures advanced electronic products for ground and aerospace applications. The company has Navratna status from the Government of India. BEL shares have gained more than 34 percent in a year.
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