TCS share price in focus as the IT stock turns ex-dividend today

TCS (Tata Consultancy Services) share price is likely to be in focus as it will turn ex-dividend today, on Thursday, October 19. TCS share price fell by a per cent in morning trade on BSE. It opened at ₹3,473.95 against the previous close of ₹3,487.15 and fell about a per cent to the intraday low of ₹3,451.85 in intraday trade so far. Around 11:25 am, the stock traded 0.87 per cent lower at ₹3,456.75 on the BSE. 

The IT major announced a second interim dividend of ₹9 per equity share of ₹1 each for the financial year 2023-24. The record date for the purpose is also on October 19, 2023.

 The second interim dividend shall be paid on Tuesday, November 7, 2023, to the equity shareholders of the company, whose names appear on the Register of Members of the company or in the records of the depositories as beneficial owners of the shares as on Thursday, October 19, 2023.

Also Read: TCS announces its second interim dividend of ₹9 per share; here are details of ex-dividend, record, payment dates

TCS, according to Trendlyne data, has declared 81 dividends since October 28, 2004. In the past 12 months, TCS has declared an equity dividend amounting to ₹108.00 per share and at the current share price of ₹3487.25, this results in a dividend yield of 3.10 per cent, according to Trendlyne data.

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Meanwhile, TCS posted a net profit of ₹11,432 crore in the September 2023 quarter. This was 8.7 per cent higher as compared to ₹10,431 crore in the corresponding period last year. Sequentially, the consolidated net profit was up 2.4 per cent as TCS had posted a profit of ₹11,074 crore in the June 2023 quarter.

The company's revenue from operations came in at ₹59,692 crore in Q2FY24, marking a jump of 7.9 per cent as against ₹59,692 crore reported in the corresponding period of FY23.

TCS board approves buyback of ₹17,000 crore at a price of ₹4,150 per equity share, a regulatory filing stated. The buyback price is at a premium of about 15 per cent.

Also Read: TCS Q2 Results: Net profit to interim dividend, here are the 5 key numbers

TCS share price has gained about 13 per cent in the last one year, slightly more than the 12 per cent gains in the equity benchmark Sensex.

The stock hit its 52-week high of ₹3,680 on October 9 this year and its 52-week low of ₹3,070.30 on April 17 this year on BSE. In about six months, as of October 18 closing, the stock has risen a little over 14 per cent from its 52-week low.

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