Tata Steel announces dividend of ₹3.60 per equity share: Key details

Tata Steel has declared a substantial final dividend of 360%, equating to ₹3.60 per equity share, contingent upon shareholder approval at the upcoming Annual General Meeting (AGM). This announcement was made alongside the company's financial results for the fourth quarter ending March 31, 2024.

Key Details of the Dividend Announcement:

Dividend Amount: ₹3.60 per equity share (360% of the face value of ₹1/- each)

Record Date: June 21, 2024

AGM Date: July 15, 2024 (to seek shareholder approval)

Dividend Payment Date: On and from July 19, 2024, subject to tax deductions

The board of directors has recommended this dividend as part of their regulatory filing, emphasizing its conditional nature based on the outcome of the AGM.

Q4 FY24 Financial Results:

Net Profit: ₹611.5 crore for Q4 FY24, reflecting a significant year-on-year decline of 64%.

Revenue: ₹58,687.3 crore, down from ₹62,961.5 crore in the same period last year.

The decrease in net profit and revenue for the fourth quarter marks a challenging period for the steelmaker, missing market expectations.

Stock Performance:

On the announcement day, Tata Steel's shares closed at ₹174.2 each on the BSE, marking a 0.37% decline.

These financial results and dividend announcements are pivotal for investors and stakeholders, signaling Tata Steel's commitment to returning value despite a tough quarter.