Dalmia Bharat down as stock trades ex-dividend

The cement maker has fixed June 23 as the record date for final dividend of Rs 5 per equity share for the financial year 2022-23

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Shares of Dalmia Bharat were down over a percent on June 23 morning as the stock traded ex-dividend. The cement maker has fixed June 23 as the record date for the final dividend payout of Rs 5 per equity share for FY23.

Ex-dividend is the date on which the stock trades without the value of the next dividend. The investor who bought the stock before the record date will be eligible to receive the declared dividend. The Dalmia Bhartia board announced the dividend on April 25.

At 9.43 am, the scrip was down 1.1 percent at Rs 2,171 on the BSE.

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In its latest annual report, the company laid out long-term expansion plans and initiatives to improve margins, as it underlined the intent to maintain leverage at a comfortable level.

In March, Dalmia Bharat entered into a binding agreement to sell its entire 42.36 percent stake in Dalmia Bharat Refractories, an associate company, to promoter group company Sarvapriya Healthcare Solutions for Rs 800 crore. The decision was in line with the company’s strategy to exit non-core business.

Analysts cheered the company’s strategy to sell non-core business assets and its focus on being a pure cement play. The stock has rallied 20 percent in the past three months and close to 80 percent over the year.

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