Shares of Indian Railway Finance Corporation had declared interim dividend when the company announced its Q2 results in the previous week.

What Happened: IRFC announced an interim dividend of ₹0.80 per equity share. The company set November 12 as the record date for determining the shareholders who would receive the dividend payment. This is why the stock is trading ex-dividend on Tuesday.

However, it does not mean investors who buy the shares today will be eligible for the interim dividend. Due to the T + 1 settlement followed in India, where buying a share on a particular day will be credited to the investor’s account on the next trading day, only investors who bought the stock until Monday would be eligible for the dividend.

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IRFC said in the filing that the dividend payment would be done within 30 days after the record date.

IRFC in its Q2 results announced a 4% jump in net profit to ₹1,612 crore. The railway financing company’s topline went up 2% to ₹6,899 crore.

IRFC earlier announced a final dividend of ₹0.70 per share for FY24 with August 22 as the record date.

Price Action: Shares of IRFC were up 0.69% to ₹148.42 on Tuesday morning.

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