Dividend stock 2024: Tata Consultancy Services stock in focus as TCS shares to trade ex-dividend today

Dividend stocks 2024: Shares of Tata Consultancy Services Ltd (TCS) will be in focus when the stock market opens on May 16 (Thursday).

The Board of Directors of TCS has declared a final dividend of ₹28.00 per equity share for its eligible shareholders.

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The record date by the company to ascertain the eligibility of shareholders for the dividend issue has been fixed on May 16.

TCS dividend details

In a stock exchange filing, Tata Consultancy Services said: “The Board of Directors at its meeting held on Friday, April 12, 2024 had recommended a final dividend of ₹28 per equity share of ₹1 each of the Company for approval by the shareholders at the Annual General Meeting (‘AGM’) scheduled to be held on Friday, May 31, 2024.”

“If the final dividend as recommended by the Board of Directors is approved at the AGM, payment of such dividend, subject to deduction of tax at source, will be made on Tuesday, June 4, 2024,” the filing added.

Shares of Tata Consultancy Services will trade ex-dividend on Thursday.

TCS Q4 results 2024

Tata Consultancy Services (TCS) on April 12 reported a 9 per cent rise in net profit at ₹12,434 crore in January-March quarter of FY24, helped by improved margin and strong performance of India business.

Its revenue increased by 3.5 per cent to ₹61,237 crore during the March quarter from ₹60,583 crore in the corresponding quarter a year ago.

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TCS’ operating margin expanded by 1.50 per cent to 26 per cent, which boosted the profit.

In the fourth quarter, the company got new orders worth $13.2 billion, highest-ever in a quarter.

In a statement, chief executive and managing director K Krithivasan had said that profit margin and order book validates the robustness of the business model and execution excellence. 

“In an environment of global macro uncertainty, we are staying close to our customers and helping them execute on their core priorities with TCS' portfolio of offerings, innovation capabilities and thought leadership,” he said.

For the full fiscal year 2024, the IT company's net profit grew 9 per cent to ₹45,908 crore, while the revenue rose to ₹2,40,893 crore from ₹2,25,458 crore in FY23.