Shares of Chennai Petroleum soared 14% on Tuesday afternoon as the stock is approaching its record date to determine the investors for its ₹55 dividend per share.

What Happened: In its March quarter results, the company announced a final dividend of ₹55 per share for the investors for the financial year that ended in March 2024. The dividend is double the ₹27 per share dividend it announced for the financial year that ended in March 2023. 

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The record date for the dividend is on July 19. An investor needs to have the shares on July 19 to get the dividend payment. The company will pay ₹819.01 crore as dividends to its around 14.89 crore shareholders. This is higher than the net profit the company made in the March quarter which was ₹627.89 crore. In the full financial year, the company had made ₹2745.07 crore in net profit.

Chennai Petroleum's stock has been on a tear, rising nearly 25% in the last month and 75% in the year so far. 

Price Action: Shares of Chennai Petroleum surged 14.04% to ₹1,237 on Tuesday afternoon. 

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