Boost For Investors? TCS Announces Generous Second Interim Dividend At Rs 9 Per Share

File Photo

New Delhi: The second interim dividend, or Rs 9 per equity share, was announced by Tata Consultancy Services (TCS), the largest IT services provider in India, on Wednesday, October 11. This has a fixed record date of October 19 and a defined payout date of November 7.

"We would like to inform you that at the board meeting held today (Wednesday), the directors have declared a second interim dividend of Rs 9 per equity share of Rs 1 each of the company," according to a statement from TCS. ()

It further stated that the second interim dividend would be paid on Tuesday, November 7, 2023, to equity shareholders of TCS whose names were listed as beneficial owners of the shares as of Thursday, October 19, 2023, the record date set for the purpose, on the company's members' register or in the records of the depositories. ()

Companies announce quarterly interim dividend payments for shareholders depending on their earnings, annual final dividend payments, and sporadic special dividend payments.

TCS announced on Wednesday that its net profit for the three months ending in September 2023 increased by 8.73 percent to Rs 11,342 crore, kicking off India's Q2FY24 earnings season. Its net profit during the same time in the previous year (Q2 FY22) was Rs 10,431 crore.

According to the BSE filing, the TCS board of directors also approved a proposal to repurchase up to 4,09,63,855 equity shares of the company for a total of not more than Rs 17,000 crore, or 1.12 percent of the total paid-up equity share capital, at a price of Rs 4,150 per equity share. The proposal is still awaiting shareholder approval.