The company announced an equity dividend of 200.00%, translating to Rs 20 per share, leading to a dividend yield of 3.17% based on the prevailing share price of Rs 630.10.
Oil India Ltd. (OIL) declared a second interim dividend of Rs 8.50 per share for the financial year 2023-24, representing 85% of the paid-up capital. The record date for eligible shareholders is set for March 18, with the dividend payment scheduled on or before April 7. The company has a strong dividend track record, having consistently declared dividends for the last five years.
In its meeting on March 8, 2024, the Board of Directors approved the second interim dividend, reinforcing OIL’s commitment to rewarding its shareholders. For the fiscal year ending March 2023.
The company had declared an equity dividend of 200.00%, amounting to Rs 20 per share, resulting in a dividend yield of 3.17% at the current share price of Rs 630.10.
In terms of financial performance, Oil India reported a net profit of Rs 1,584.3 crore in the third quarter of FY 2023-24. Despite a marginal 0.3% dip in revenue to Rs 5,323.7 crore, the company’s margins slipped to 39.6%.
Oil India’s share price closed at Rs 630.25 on Thursday, reflecting a 0.57% decline on the NSE. Over the last year, the PSU oil stock has witnessed a substantial surge of nearly 140%, and an impressive growth of over 390% in the last three years.
In the current year alone, the stock has experienced an impressive surge of almost 70%, underlining its robust performance in the market.
Source:financialexpress.com