ITC shares dip 2% on turning ex-dividend

Early this month, ITC announced an interim dividend of Rs 6 per ordinary share for the financial year ending March 31

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The share price of ITC dipped 2 percent in the morning session on February 15, the record date for the diversified conglomerate’s interim dividend. The slide came after the stock rallied 3 percent in the previous session.

Earlier this month, ITC announced an interim dividend of Rs 6 per ordinary share for the financial year ending on March 31, 2023.

The dividend will be paid between March 3 and March 5, the company said.

At 10 am, the stock was quoting at Rs 379 on the National Stock Exchange, down 1.8 percent. The stock has rallied 14 percent this year.

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The company continues to be in focus amid strong financial performance, a hike in National Calamity Contingent Duty and the government’s refusal to sell its indirectly stake held in the company.

In the December quarter, ITC’s standalone net profit increased 21 percent year on year to Rs 5,031 crore. Its hotels’ business revenue also grew by 50 percent to Rs 712 crore as travel rebounded. Its cigarette revenue grew by 16.7 percent YoY to Rs 7,288 crore.

On February 1, the budget day, the stock took a strong beating and recovered quickly after the hike in NCCD by 16 percent. Analysts believe that the overall impact on the price of a cigarette stick will be minimal.