This multibagger PSU oil stock has announced ₹8.5 dividend per share today

Oil India Ltd’s (OIL) on Friday announced a second interim dividend of ₹8.50 per share for the financial year 2023-24. The public sector undertaking (PSU) has decided March 18 as the record date for determining eligible shareholders. The company will pay the dividend on or before April 7.

"the Board of Directors in its meeting held today i.e. on 08th March, 2024 has inter-alia accorded its approval for:- a) Second Interim Dividend of Rs. 8.50/- per share (85% of paid-up capital) for the financial year 2023-24. The Second Interim Dividend 2023-24 will be paid on or before 07th April, 2024. ," the company informed exchanges.

Oil India declared the first interim dividend of ₹3.5 per equity share for FY24 in November 2023.

For the year ending March 2023, Oil India has declared an equity dividend of 200.00% amounting to ₹20 per share. At the current share price of ₹630.10 this results in a dividend yield of 3.17%, according to data available on Moneycontrol. The company has a good dividend track report and has consistently declared dividends for the last 5 years.

Oil India posted a net profit of ₹1,584.3 crore in the third quarter of the fiscal year 2023-24. OIL's revenue during the quarter under review slipped 0.3% to ₹5,323.7 crore, while margins slipped to 39.6%.

Oil India share price settled at ₹630.25, down 0.57% at Thursday's close on the NSE. The PSU oil stock has surged nearly 140% in the last one year and more than 390% in the last three years. So far this year, the stock has surged almost 70%.