Coal India shares tank 4% as stock trades ex-dividend

ONGC, EID Parry (India), EPL, Gillette India are some other stocks trading ex-dividend today onwards.

Coal India shares tanked 4 percent in early trade on November 21 as the state-run miner traded ex-dividend from November 21.

The board of directors declared the first interim dividend for the current financial year at Rs 15.25 per equity share with a face value of Rs 10 (152.5 percent). The date of payment for the dividend shall be December 9.

As of 9.35am, shares of Coal India were trading at Rs 335.3 on the NSE, which is 3.6 percent lower than the last closing price. However, the price adjusted for dividend is Rs 332.5, from which, the current price is higher by 0.84 percent.

For the year ended March 2023, Coal India has declared an equity dividend of 242.50 percent, amounting to Rs 24.25 per share.

When a stock goes ex-dividend, its share price usually decreases by the dividend amount. It is a reflection of the fact that new shareholders are not entitled to that payment.

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Coal India reported a 12.5 percent rise in consolidated net profit at Rs 6,800 crore for the quarter ended September 30, 2023. The government-owned company had reported a net profit of Rs 6,043.5 crore in the year-ago period.

The profit was driven by higher sales and larger profit contribution from CIL's joint ventures (JV). The contribution from the company's JV profits this quarter was Rs 89.75 crore, which was - Rs 140.75 (in the negative) during the same period last year.

Apart from Coal India, there are the other scrips that are trading ex-dividend November 21 onwards. They include Oil & Natural Gas Corporation, EID Parry (India), EPL, Gillette India, Gujarat Pipavav Port, National Peroxide, RMC Switchgears, Senco Gold, Sun TV Network, Talbros Engineering, and Tide Water Oil.

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