TCS declares interim dividend of Rs 9 per share, fixes record date

economictimes.indiatimes.com:

Tata Consultancy Services has announced an interim dividend of Rs 9 per equity share for the current fiscal year. «We would like to inform you that at the Board Meeting held today, the Directors have declared an interim dividend of Rs 9 per equity share of Rs 1 each of the company,» TCS said in a filing. The company has fixed July 20 as the record date for the same.

The interim dividend shall be paid on August 7 to 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. In the last one year, TCS has declared an equity dividend amounting to Rs 115 per share, resulting in a dividend yield of 3.53%. For the first quarter ended June, the IT bellwether company has reported a net profit of Rs 11,074 crore, which is higher by 17% from Rs 9,478 crore clocked in the previous year period.

Revenue from operations during the same period rose 12% year-on-year to Rs 59,381 crore. While the net profit was above the ET Now poll of Rs 10,890 crore, the revenue was lower than the estimated Rs 59,500 crore. On Wednesday, ahead of the results, the company's stock closed 0.35% lower at Rs 3,260.95 apiece on NSE.