Tata Group chemical stock dips ahead of record date for 300% dividend

  • Rallis India's record date for the dividend has been fixed on Tuesday, June 7, 2022

Livemint
Updated6 Jun 2022
Mumbai: The stock market index on a display screen at the Bombay Stock Exchange (BSE) building
Mumbai: The stock market index on a display screen at the Bombay Stock Exchange (BSE) building

Shares of Rallis India Ltd dipped nearly a per cent to 199 apiece on the BSE in Monday's early trading session as the stock started trading ex-dividend, a day ahead of the record date for its dividend that was announced with its Q4FY22 results in April.

The board of directors of Rallis India Limited at its Meeting held on April 21, 2022 recommended a dividend of 3/- per equity share of Re. 1/- each (300%) for the financial year (FY) ended March 31, 2022, subject to the approval of the shareholders at the ensuing 74th Annual General Meeting (AGM) of the company. The record date for the said dividend has been fixed on Tuesday, June 7, 2022.

Rallis India is part a subsidiary of Tata Group's Tata Chemicals. Tata Chemicals is the world’s second largest producer of soda ash with manufacturing facilities in Asia, Europe, Africa and North America.

Rallis India reported a consolidated loss of 14 crore for March 2022 quarter due to multiple challenges, including in seeds business, as compared to profit of 8 crore during January-March 2020-21.

The chemical company's consolidated revenue of the company during the quarter under review grew 7.8% to 508 crore from 471 crore in the year-ago period.

"The company delivered a resilient performance in the wake of multiple headwinds during the year. Our domestic crop care business grew at 14% and exports by 6% during the year. Our seeds business faced challenges and revenue declined by 13%," said Rallis India Managing Director and CEO Sanjiv Lal. According to him, supply chain challenges continued into the fourth quarter with availability issues for certain intermediates as well as steep cost inflation.

Shares of Rallis India have declined more than 38% in a year's period whereas the Tata Group chemical stock is down over 27% in 2022 (YTD) so far.

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