Tata Steel stock to turn ex-dividend today

15 Jun 2022 , 01:51 PM

Tata Steel’s board of directors said in a document dated May 4, 2022, “Recommended a dividend of Rs.51 per fully paid-up ordinary share of Rs10/- each (510%) to the shareholders of the company for the Financial Year ended March 31, 2022,” Furthermore, the dividend will be paid in proportion to the amount paid-up on outstanding partly paid-up ordinary shares of the company on which call money remains unpaid as of the date of book closure for the dividend payment,”

Tata Steel’s stock will go ex-dividend today, as the company’s board of directors has set June 15, 2022, as the record date for the final dividend payment.

If authorized, Tata Steel will pay the last dividend of Rs51 on and from July 2, 2022, according to Indian stock markets. The shareholders and board of directors must approve the final dividend of Rs51 at the Annual General Meeting (AGM) planned for June 28, 2022. Tata Steel’s stock is currently trading at Rs997, and the final dividend is Rs51. As a result, Tata Steel’s annual dividend yield is roughly 5.11%.

Tata Steel has grown to become one of Europe’s major steel makers, with a crude steel capacity of approximately 12.4 MnTPA. After acquiring Corus in 2007, it created a footprint on the European continent. Tata Steel’s operations in South-East Asia, which have a capacity of 2.2 million tonnes per annum, began in 2004 with the acquisition of NatSteel, Singapore.

As of the time of writing, the market valuation of the company is Rs125,063 crore. Tata Steel’s net profit for the fourth quarter ended March 31, 2022, increased by 47% year on year to Rs9756.20 crore. Revenue from operations increased 38.6% YoY to Rs69,323.5 crore in the fourth quarter of FY21, compared to Rs50,028.37 crore in the previous quarter.