ITC shares gain on dividend day, market bullish on hotels business demerger
ITC declared a final dividend of Rs 6.75 per share and a special dividend of Rs 2.75 per share of Re 1 each for the quarter ended March 2023. The dividend shall be paid to entitled shareholders on or before August 17
ITC
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Shares of tobacco-to-hospitality conglomerate ITC continued to build on the previous session’s gains and edged up 1.3 percent in morning trade on May 30 – the record date for its FY23 dividend.
CMD Sanjiv Puri on May 29 told The Hindu that the company’s plan to demerge its hotels business, which had been put on hold due to the Covid pandemic, was likely to be revived this year and taken forward in line with the industry recovery. He also hinted at the possibility of the Infotech business being spun off, but said the timing would be the crucial element.
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Earlier this month, ITC Limited reported a 21.4 percent on-year growth in standalone net profit at Rs 5,086.9 crore for the March quarter. Its revenue from operations (excluding excise duty) also increased 5.6 percent to Rs 16,398 crore, exceeding estimates of various analysts.
On May 30, ITC declared a final dividend of Rs 6.75 per share and a special dividend of Rs 2.75 per share of Re 1 each for the quarter ended March 2023.
The conglomerate had previously declared an interim dividend of Rs 6 in February 2023. The total dividend for the financial year ended March 31, 2023, amounts to Rs 15.50 per ordinary share of Re 1 each. The dividend shall be paid to entitled shareholders on or before August 17.
Head-to-Head: HUL and ITC stake equal claims to India’s FMCG crown
The positive financial results and the announcement of dividends have boosted sentiment for the stock, brokers said. The company’s diverse business segments, which include cigarettes, FMCG products, hotels, and agri-business, have continued to perform well, contributing to its overall growth.
ITC shares hit a record high of Rs 451.75 on Monday, before closing at Rs 449.10. The stock was trading at Rs 445.55 at 10.55 am on Tuesday.
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