TCS declares a second interim dividend of Rs 9 per share. Check details
Tata Consultancy Services (TCS) has approved a second interim dividend of Rs 9 per share for the financial year ending 2024.
«We would like to inform you that at the Board Meeting held today, the Directors have declared a second interim dividend of Rs 9 per equity share of Rs 1 each,» the company said in a filing.
The record date for the second interim dividend is fixed as October 19.
The second interim dividend will be paid on November 7 to eligible equity shareholders of the company whose names appear on the register of members of the company or in the records of the depositories as beneficial owners of the shares as on record date.
Shares of TCS will likely trade ex-dividend on the day or a day before the record date. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment.
An ex-dividend date also dictates which shareholders are eligible to receive the dividend payment.
The IT bellwether company has declared an equity dividend amounting to Rs 116 in the last one year period, which results in a dividend yield of 3.21%.
Apart from the dividend, the Board has also approved to buyback shares worth Rs 17,000 crore at Rs 4,150 apiece.
The buyback is proposed to be made from the existing shareholders of the company as on the record date on a proportionate basis under the tender offer route using the stock exchange mechanism.
In the second quarter, the IT major posted 9% growth in its net profit at Rs 11,342 crore. Revenue from operations rose 8% YoY to Rs 59,692 crore.
The net profit was higher than the ET Now Poll estimate of Rs 11,095 crore, but revenue lagged the estimate of Rs 60,160 crore.
On Wednesday, TCS shares closed 0.5% lower at Rs 3,609.90
