SBI Life‘s shares were trading lower ahead of the board meeting scheduled for Wednesday but did receive a bump after the dividend announcement was made in the late hours of trading.

What Happened: The company’s board on Wednesday declared a ₹2.5 interim dividend for FY23. The record date for the dividend payment is March 16. The dividend will be paid out by April 6.

Shares of the company had slumped around 1.6% to hit Wednesday’s intraday low of ₹1,111. However, the stock climbed up to close at ₹1,128.65, just after the announcement was made at around 3 p.m on Wednesday.

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The company’s net profits took a 16.5% year-over-year hit in the December quarter at ₹304.1 crore. However, brokerages have remained strongly positive on the stock. Axis Direct, ICICI Securities, HDFC Securities, and KRChoksey Research have a ‘buy’ rating for the stock as all firms see over 20% upside in the stock.

Price Action: Shares of SBI Life were down 0.08% at ₹1,128.65 when the markets closed on Wednesday.

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