Rs 70 DIVIDEND: LIC-backed stock turns ex-date today

rs 70 dividend: lic-backed stock to turn ex-date today

Dividend Stock Today, HDFC AMC Dividend 2024: Shares of HDFC Asset Management Company (AMC) will trade ex-date today for a dividend of Rs 70 per equity share on Tuesday, June 18. A dividend is a company's reward to its investors for their investment in the business. It is paid in cash from earnings.

HDFC AMC is a constituent of S&P BSE 200 and boasts a market cap of Rs 85,665.79 crore, as of the current market price. Its shares have delivered an impressive 107.6 per cent return in the past one year. On Friday, June 14, HDFC AMC's shares closed at Rs 4,018 per share on NSE, up Rs 22.15 or 0.55 per cent against previous close.

Interestingly, India's largest insurer Life Insurance Corporation of India (LIC) holds 6.07 per cent stakes or 1,29,49,242 shares in the company, as per Trendlyne data. SBI Mutual Fund too holds 5.73 per cent stakes. Mirae Asset and Nippon India too are investors in HDFC AMC with 1.4 per cent and 1.27 per cent holdings.

HDFC AMC Dividend Declared

The AMC had declared an interim dividend of Rs 70 per share in its meeting held earlier this month on Friday, June 7. This is the highest-ever dividend declared by the company in its history post-listing.

“Company for the last two financial years has been paying dividend to its shareholders in the month of June, the Board has, accordingly, approved a declaration of Interim Dividend of Rs. 70/- per equity share of Rs. 5/- each of the Company, for the financial year ended March 31, 2024, instead of the final dividend as proposed earlier,” said company in a filing to the stock exchanges.

HDFC AMC Dividend Record Date 2024

The board had declared June 18 as the record date for ascertaining the entitlement of the shareholders to the interim dividend.

"Further, as already intimated, the Record Date for the purpose of ascertaining the entitlement of the shareholders to the interim dividend, as declared by the Board of Directors, shall be Tuesday, June 18," the company said.

HDFC AMC Dividend Payment Date 2024

The board has fixed June 30 as the payment date for the payment date of its forthcoming dividend.

"... dividend will be paid on or before June 30, 2024," said the company in the exchange filing.

HDFC AMC Dividend History

HDFC AMC has announced a total of seven dividends since March 2019, post-listing. In 2019, the AMC declared two dividends, each amounting to Rs 12. In 2020, a dividend of Rs 28 was declared, and in 2021, it was Rs 34.

Subsequently, in 2022 and 2023, the company declared dividends of Rs 42 and Rs 48, respectively.

HDFC AMC Q4 Results 2024

HDFC AMC Limited has reported a net profit rise to Rs 541.1 crore in the last three months of fiscal year 2023-24. The company’s revenue also climbed 29 per cent to Rs 695.5 crore in the last quarter of the FY24.