SAIL declares an interim dividend per share of Rs1

17 Mar 2023 , 08:26 AM

For the current fiscal year 2022–2023, the government-owned Steel Authority of India Ltd. (SAIL) has declared an interim dividend of Rs1 per equity share.

The payment of an interim dividend for the fiscal year 2022–2023 of Rs1 per equity share, or 10% of the firm’s paid–up equity share capital, was approved by the board of directors at their meeting today, the company stated in a filing.

The corporation has set March 24 as the record date to ascertain if shareholders are eligible for the aforementioned dividend payment.

Shares of SAIL closed almost 2.45% lower on Thursday, at Rs85.50 per share, on the NSE. The stock has decreased by around 3.88% year to date as of this writing.

A day or two prior to the record date, the SAIL shares will become exempt from dividends. A company’s stock does not carry the value of the upcoming dividend payment when it goes ex-dividend on a specific day. Which stockholders are entitled to the dividend payment is also determined by the ex-dividend date.

One of the stocks on Wall Street with the highest dividend yield is SAIL. The company declared an equity dividend of Rs4.75 per share during the past 12 months, yielding a dividend of around 5.57%.

Due to rising expenses, the company recorded a 65% decrease in its consolidated net profit for the quarter ending in December, coming in at Rs542 crore. Its overall spending increased significantly from Rs23,209.88 crore a year earlier to Rs24,825.11 crore.

The total income did, however, decrease to Rs25,140 crore from Rs25,398 crore in the corresponding quarter last year.

One of India’s major steel-producing companies is SAIL. The company primarily operates in India’s eastern and central regions, close to domestic raw material sources, where it produces iron and steel at 5 integrated plants and 3 specific steel factories.

For feedback and suggestions, write to us at [e-mail]