Information technology (IT) bellwether company Tata Consultancy Services (TCS) will kick-off the earnings season for the second quarter ending September 2023 by announcing its results on October 11.
The Board will also consider paying a second interim dividend to investors for the financial year 2023-24. The record date for the same has been fixed on October 19, 2023.
"A meeting of the Board of Directors of Tata Consultancy Services is scheduled on October 11 to approve and take on record the audited condensed standalone and consolidated financial results of the company and consider declaration of second interim dividend to the equity shareholders," TCS said in a filing.
The second interim dividend, if declared, will be paid to the 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 the 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 past 12 months, TCS has declared an equity dividend amounting to Rs 116 per share. At the current share price of Rs 3528.60, this results in a dividend yield of 3.29 percent, as per Trendlyne.
The stock has an average target price of Rs 3,690.33. The consensus estimate represents an upside of nearly 5 percent from the last price of Rs 3,525.
On Friday, TCS shares closed 0.33 percent lower at Rs 3,525 apiece on the NSE. So far in 2023, the stock gained 8 percent and it's up 18 percent in the last one year.
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