The chairman and managing director of defence major Mazagon Dock Shipbuilders presented dividend cheques to defence minister Rajnath Singh on Tuesday.

What Happened: Sanjeev Singhal, the chairman and managing director of Mazagon Dock presented an interim dividend cheque for FY24-25 amounting to ₹396.76 crore. This was in addition to the final dividend cheque of ₹207.19 crore for FY23-24.

The cheque handover took place in the presence of the Secretary of Defence, Secretary of the Defence Research and Development Organisation (DRDO) and the Secretary of the Department of Defence Production (DP).

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“Total interim dividend declared by MDL for FY24-25 is ₹467.72 crore, that is ₹23.19 per share of the face value ₹10 (231.90% per share), the highest ever,” the company wrote in its post on X.

The defence minister also reviewed the performance of several defence sector public sector firms on Tuesday. Singh received a total of ₹1,620 crore as dividend from companies including Hindustan Aeronautics, Bharat Electronics, Bharat Dynamics, Mazagon Dock Shipbuilders and Garden Reach Shipbuilders & Engineers.

Earlier this month, Mazdock’s board of directors declared an interim dividend of ₹23.19 per share for the financial year 2024-25. In addition, the board approved the split of one equity share of the face value of ₹10 each fully paid up into two equity shares of the face value of ₹5 each fully paid up, pending shareholders' approval.

Price Action: Mazdock was trading flat at ₹4,041.30 on Wednesday morning.

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