52-week high alert: Investors await dividend announcement, do you own it?
The company is also expected to announce its quarterly earnings on July 21.
The Board of Reliance Industries Ltd (RIL) will consider paying a dividend to its investors, along with its financial results for the first quarter ended June on Friday. The latest dividend, if approved by the Board, will be for FY23 and the first in nearly a year. RIL last announced a dividend of Rs 8 per share in May 2022.
The company is also expected to announce its quarterly earnings on July 21. Analysts are expecting a double-digit fall in consolidated net profit for the June quarter, mainly due to the subdued performance of the company's mainstay O2C segment.
The brokerage estimates a 10% year-over-year (YoY) drop in the bottom line to Rs 16,160 crore and a 16% sequential fall. The consolidated revenue may decline 7% YoY and 4% sequentially to Rs 2.08 lakh crore.
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Apart from the quarterly numbers, the Street is also eyeing updates on the Jio Financial demerger. The record date for the spin-off has been set as July 20, a day before the earnings announcement.
The demerger decision was taken as the nature and competition in the financial service business are distinct from other businesses and is capable of attracting a different set of investors, strategic partners, lenders and other stakeholders, the company said.
Today, shares of this company are trading at Rs 2,802.70 having an intraday high and low of Rs 2,838 and Rs 2,794 respectively.