IOC Announced Dividend of Rs. 6,556 Crore...

-

State-owned Indian Oil Corp (IOC) has announced an interim dividend worth Rs 6,556 crores along with a share buyback of 29.76 crores worth Rs. 4,435 crores as per the government plan to tap cash-rich PSUs to meet its budget deficit.
According to the IOC’s regulatory filings, “The board of directors declared an interim dividend of 67.5 per cent or ?6.75 a share (face value ?10) for the financial year 2018-19.” The company said that dividend will be credited to the account of the shareholders on or before December 31.
IOC in the statement, also said that the record date for the purpose of ascertaining the eligibility of shareholders for payment of Interim Dividend as well as for Buyback of equity shares is fixed on Tuesday, 25th December 2018.
IOC board which declared an interim dividend of 67.5% or Rs 6.75 per share for fiscal 2018-19 will ensure the total dividend payout (excluding tax) of Rs 6,556 crore, out of which the government will get Rs 3,544 crore plus the dividend distribution tax.
As per the IOC regulatory filing, the company’s board approved a buyback of up to 29.76 crore equity shares, or 3.06%, at Rs 149 per share. The buyback price is 8.6% premium to Thursday’s closing price of IOC stocks on the BSE. The government which holds a 54.06% stake in the company is expected to participate in the share buyback.

Comments

Post a Comment

Popular posts from this blog

TRAI’s Pricing Policy Slashed By TDSAT....

-
Image
The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has slashed the TRAI’s controversial rules on predatory pricing, providing a relief to Bharti Airtel Ltd and Vodafone Idea Ltd. which had complained that the rules unfairly benefitted Reliance Jio Infocomm Ltd. The whole issue rose when TRAI changed the definition of SMP to identify predatory pricing, and gave pricing freedom and flexibility only to operators with less than 30% of the subscribers or revenue and dropped previous parameters such as the volume of traffic including data and switching capacity. TDSAT in its ruling called TRAI’s new rules arbitrarily and without deliberation or effective consultation. The tribunal also rejected Trai’s new definition of “significant market player” (SMP), besides sparing telecom firms from disclosing on their websites segmented offers or tariff discounts aimed at retaining customers. TDSAT in its order, also said: “Authority (Trai) is required to take a fresh deci
Read more

The Supreme Court Gives relief to Modi Government On Rafale Deal...

-
Image
The Supreme Court in its verdict on Rafale deal today, gave Narendra Modi government a clean chit. The court who was hearing the case on the procurement of 36 Rafale fighter jets from France, dismissed all the petitions seeking a direction to the CBI to register an FIR for alleged irregularities in the deal. Chief Justice Ranjan Gogoi led-bench said there was no occasion to doubt the decision-making process in the multi-billion dollar deal. The court also said that there was no substantial evidence of commercial favouritism to any private entity. The 3 judge bench, accompanied by Justices S K Kaul and K M Joseph, said that there has been a necessity for fighter aircraft and the country cannot remain without jets. In the judgement which was pronounced today, CJI said that the court found no reasons to interfere in the procurement process for the fighter jets. The apex court also added that it is not the job of the court to deal with the comparative details of the pricin
Read more

Fund managers bought lots of beaten-down stocks in Q2...

-
Image
Benchmark indices have fallen more than 10 percent from their highs, and for the year, Indian market has turned negative but the big carnage has been seen in individual stocks. Most fund managers are using the opportunity to buy quality stocks. For the quarter ended September, fund managers increased their stake in as many as 310 stocks which have a market capitalisation of more than Rs 1,000 crore and have fallen up to 70 percent so far in 2018. Stocks in which they raised stake include Manpasand Beverages, Infibeam Avenues, Simplex Infrastructure, IIFL Holdings, JM Financial, Navkar Corporation, Indian Bank, Symphony, Kajaria Ceramics, Dilip Buildcon, Greenply Industries. Most analysts agree that investors should look at the beaten-down stocks for their portfolio but the time horizon should now be 1-2 years. Picking the right stock will be more important because not every stock will qualify as a sound investment. “While it may be difficult to call a bottom,
Read more