GAIL shares jumped over 1% as the markets opened on Tuesday after the company announced a ₹4 interim dividend on Monday.
What Happened: The company’s board on Monday approved a ₹4 interim dividend/ share for the current financial year. The record date for the dividend payment is March 21.
The Public Service Undertaking (PSU) said that the total dividend amount will be ₹2,630 crore. Out of the total amount, ₹1,355 crore will be paid to the government, which is the majority shareholder in the company with a 51.52% stake. The rest ₹1,275 crore will be for other investors.
See Also: Why NTPC Shares Shot Up 3% Today
The company’s profits took a 90% hit in the December quarter at ₹413.8 crore. After the Q3 results brokerages were cautiously positive on the stock. Motilal Oswal and ICICI Securities maintained the ‘buy’ rating for the stock. The company’s shares have jumped over 15% in the last month.
Price Action: Shares of GAIL were up 0.36% to trade at ₹110.65 as the markets opened for business on Monday.
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