Dividend Stock: Bharat Dynamics shares rise 2% after board approves interim dividend
Bharat Dynamics shares saw a 2 percent rise in early trading on March 22 following the company's board approval of a sub-division of its equity shares and announcement of an interim dividend for FY23-24. Bharat Dynamics share price was trading at ₹1,697.60, marking an increase of ₹36.05, or 2.17 percent, on the BSE, in the morning session.
During a board meeting held on March 21, the directors declared an interim dividend of ₹8.85 per equity share of ₹10 each fully paid-up for the financial year 2023-24. Also read: IndusInd Bank share price has 35% upside potential; well placed on growth, NIM, asset quality, says ICICI Securities The company has designated April 2 as the record date for the interim dividend payment, scheduled for completion on or before April 18.
Additionally, the board has endorsed the division of one current equity share, with a face value of ₹10 fully paid-up, into two equity shares with a face value of ₹5 each fully paid-up, pending shareholders' approval. The determination of the record date for the subdivision or split of equity shares will occur following shareholder approval.
Additionally, the company's board has endorsed the appointment of G Gayatri Prasad, previously the general manager (finance), to the position of chief financial officer, succeeding N Srinivasulu, who ceased to serve as director (finance) and chief financial officer on January 31, 2024. Also read: JSW Infrastructure: 3 key reasons why analysts expect more than 20% upside for the stock Bharat Dynamics announced its financial results for the third quarter of the fiscal year 2024 on January 24, 2024.
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