Dividend stocks: UltraTech Cement shares to trade ex-dividend on July 30

Dividend stocks: Shares of UltraTech Cement Ltd will be in focus when the stock market opens on Tuesday, July 30.

The Board of Directors of the company declared a final dividend of ₹70.00 per equity share for the financial year 2024.

The company fixed July 30 as the record date to ascertain the eligibility of shareholders for the final dividend issue.

Ultratech Cement shares will trade ex-dividend on Tuesday.

India Cements acquisition

UltraTech Cement, the Aditya Birla Group flagship company will acquire a 32.72 per cent stake in India Cements Ltd for ₹3,954 crore to expand its footprint in the southern cement market.

The company has also announced a ₹3,142.35 crore open offer to acquire another 26 per cent stake in India Cements.

The board of UltraTech Cement approved the acquisition of 32.72 per cent stake from promoters and their associates at ₹390 per share, a regulatory filing said.

It has entered into share purchase agreements for a 28.42 per cent stake from promoters - Srinivasan N, Chitra Srinivasan, Rupa Gurunath and SK Asokh Baalaje and a 4.30 per cent share from Sri Saradha Logistics.

Aditya Birla Group chairman Kumar Mangalam Birla said the India Cements opportunity is an exciting one, as it enables UltraTech to serve the southern markets more effectively and accelerates the path to over 200 MTPA capacity.

Q1 earnings

Earlier this month, UltraTech Cement had reported a flat growth in consolidated net profit at ₹1,696.59 crore for the first quarter ended June 30, 2024 on account of lower sales.

Its revenue from operations rose 1.87 per cent at ₹18,069.56 crore during the June quarter.

During the quarter, UltraTech's consolidated volume sales were up 7 per cent to 31.95 million metric tonnes.

UltraTech's total expenses were at ₹16,128.37 crore, up 3.07 per cent.

Shares of UltraTech Cement Ltd closed at ₹11,877.20, up ₹197.95 or 1.69 per cent on the BSE on Monday.