Infosys shares opened a percent lower as the stock traded ex-dividend on June 2. At 9.15 am, the stock was quoting at Rs 1,306 on the National Stock Exchange against the previous close of Rs 1,319.50.
The ex-dividend date is the day a stock starts trading without the value of its next dividend payment, which is usually a day before the record date. An investor who buys the stock on ex-dividend date or later will not be eligible for the declared dividend.
Infosys' board declared a final dividend of Rs 17.50 a share for FY23. The IT major would in total pay a dividend of Rs 34 a share in FY23, up 9.7 percent from the previous financial year.
In value terms, the company announced a total dividend of Rs 14,200 crore for FY23.
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Akshata Murty, the wife of Britain's Prime Minister Rishi Sunak, stands to earn Rs 68.17 crore in dividend income from her shareholding in Infosys. Together with an interim dividend of Rs 16.50 a share declared in October last year, she would get Rs 132.4 crore.
Murty, daughter of Infosys co-founder NR Narayana Murthy, held 3.89 crore shares of Infosys at the end of December, according to company filings with the stock exchanges.
Narayana Murty, who has 1.6 crore shares, stands to earn Rs 53.2 crore in FY23 dividend payout. His wife, Sudha Murty, will get Rs 110 crore and son Rohan Murty, with 6 crore shares, will get Rs 194 crore.
In the fourth quarter, Infosys reported a 7.8 percent on-year rise in its consolidated net profit at Rs 6,128 crore while revenue rose 16 percent YoY to Rs 37,441 crore. Both numbers missed Street estimates.
The company expects revenue in FY24 to grow between 4 and 7 percent. The street expected the number to be between 6 and 8 percent on a constant currency basis.
Also Read: What makes the Q4 flop show a bigger pain for Infosys than for TCS?
The stock has 29 “buy” calls, nine “hold” and an equal number of “sell” calls. The 12-month target price on the stock is Rs 1,488, indicating a 14 percent upside from the current level.
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