Two Nifty stocks — HDFC Bank, HDFC — will trade ex-dividend on Tuesday (May 16). Private sector lender HDFC Bank has recommended a final dividend of Rs 19 per equity share for the financial year ended March 31, 2023. This is the highest dividend that the private lender has paid since listing, according to data available on the stock exchanges.
The record date is on May 16 to determine those shareholders eligible to receive the dividend. The dividend will be subject to approval by the shareholders at the next annual general meeting, the bank said.
HDFC Bank Ltd has declared 24 dividends since April 20, 2001, according to data from Trendlyne. For FY22, the lender has paid a final dividend of Rs 15.5 per share.
On Monday, shares of the bank ended 0.55 percent higher at Rs 1,677 apiece on the National Stock Exchange. The stocks has nearly 3 percent positive returns year-to-date, whereas both Nifty Bank and Nifty 50 have gained more than 2 percent each during the same period.
Meanwhile, Meanwhile, HDFC has declared an interim dividend of Rs 44 per equity share for the financial year ended March 2023. The record date for determining the shareholders entitled to the interim dividend for the fiscal 2023 is set as May 16. The dividend will be paid to shareholders from June 1.
Shares of Housing Development Finance Corporation Ltd closed flat at Rs 2,785 apiece. The stock rose 5 percent on a year-to-date basis, while it gained nearly 30 percent in the last one year.
HDFC Ltd has declared 28 dividends since June 11, 2001. In the past 12 months, the company has declared an equity dividend amounting to Rs 30 per share, as per Trendlyne data.
Shares of companies trade ex-dividend on the day of record date or a day before. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend.
Meanwhile, benchmark stock market indices Sensex and Nifty extended gains at the end of today's trade despite weaker global cues, supported by a dip in retail and wholesale inflation. A rally in auto stocks also boosted sentiments on Dalal Street.
The S&P BSE Sensex rose 317.81 points to end at 62,345.71, while the NSE Nifty 50 settled 84.05 points higher to close at 18,398.85. All of the major sectoral indices ended in positive territory, with Nifty Realty, Nifty Bank, Nifty Auto Financial Services rising the most.
First Published: May 16, 2023 8:24 AM IST
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