Dividend Stock July 2024: Shares of an HDFC mutual fund- and SBI mutual fund-backed company will trade ex-date for a final dividend of Rs 130 per equity share on Thursday, July 4. The company, which manufactures bearings, seals, lubrication systems, and power transmission systems, had recommended the dividend during the announcement of its fourth quarterly results for fiscal 2024.
The company under discussion is SKF India and it has a strong history of paying dividends to its shareholders. It has paid total 25 dividends since February 2001, post-listing.
HDFC Mutual Fund's Mid-Cap Opportunities Fund holds 9.46 per cent stakes in SKF India. State Bank of India Mutual Fund's Blue Chip Fund has 2.66 per cent stakes in the company.
Dividend refers to a reward, cash or otherwise, that a company gives to its shareholders. Dividends can be issued in various forms, such as cash payment, stocks or any other form. A company’s dividend is decided by its board of directors and it requires the shareholders’ approval.
However, it is not obligatory for a company to pay dividend. Dividend is usually a part of the profit that the company shares with its shareholders.
"Thursday, 04th July 2024 has been fixed as the Record date for the purpose of forthcoming AGM and Dividend, if declared at the AGM," said the company in the filing.
Payment date is the date when the shareholders receives the dividend amount in their bank accounts.
The 63rd Annual General Meeting ('AGM') of the company for the fiscal year 2023-24 will be conducted via Video Conferencing ('VC')/Other Audio-Visual Means ('OAVM') on Tuesday, August 13, 2024, at 3:00 PM, SKF India informed.
As per SEBI's rules, dividend is supposed to be paid within 30 days of declaration, which here means within 30 days after August 13.
In 2022 and 2021, the company paid Rs 14.5 dividends per share each year. In 2020, the auto ancillary stock paid Rs 130 as special dividend.
About 1,34,194 shares changed hands on NSE and 10,263 shares on BSE.
So far in 2024, the stock has rallied 40.37 per cent. In the last three months, it delivered a return of nearly 46 per cent.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
2024-07-04T03:56:40Z dg43tfdfdgfd