Dwarikesh Sugar jumps over 5% as stock trades ex-dividend

Dwarikesh Sugar Industries shares shot up 5.5% in intraday trade on Friday as the stock traded ex-dividend.

The stock was trading at Rs 86.45 on the NSE at 11:30 am, up Rs 4.50 or 5.49%. Indian equity markets were shut for trading on Thursday on account of the Ram Navami holiday.

The Board of Directors of Dwarikesh Sugar Industries announced an interim dividend of Rs 2 per share which is 200% on a face value of Re 1 per share for the financial year 2022-23, in its meeting held on March 20, 2023.

The interim dividend outgo will be Rs 37.66 crore, the company said in its filing to the exchanges. "The record date for reckoning the shareholders who shall be entitled to receive the said dividend shall be Friday, March 31, 2023," the release said.

This is the second consecutive year in which the company declared an interim dividend. The company had similarly announced an interim dividend of Rs 2 per share during the previous financial year.

Shares of the companies usually trade ex-dividend a day or two before the record date. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment.

Meanwhile, three more stocks - Angel One, CRISIL and Indraprastha Gas Limited (IGL) were also trading ex-dividend, today.

Angel One was trading at Rs 1,162.35, up Rs 8.70 or 0.75%, IGL was at Rs 436.75, up Rs 8.95 or 2.09% at 12:10 pm. CRISIL was trading in the red around this time at Rs 3,205.40, down Rs 34.45 or 1.06%.

Frontline indices S&P BSE Sensex and Nifty50 were trading in the green as bulls took control of Dalal Street. While the former was trading at 58,661.91, up 701.82 points or 1.21%, the broader Nifty50 index was at 17,279.60, gaining 198.90 points or 1.16%.

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