PSU Dividend Champion Stock: Record High Final Dividend Record Date Announced
PSU Stock Record High Final Dividend: Record Date Announced
The NSE benchmark Nifty50 index experienced its steepest fall since June 4, plunging by 1.09 per cent. All sectoral indices were in the red, reflecting widespread market pessimism. Such sharp market declines often instill fear and caution among investors, making them hesitant to engage further. However, periods of market turbulence can also present opportunities. In this context, stocks offering strong dividends can provide a sense of stability and income for investors. One notable example is Bharat Petroleum Corporation Limited (BPCL), a Maharatna Public Sector Undertaking (PSU), which has recently announced a significant dividend.
BPCL is a Government of India (GoI) undertaking, with the government holding a 52.98 per cent stake as of March 31, 2024. This Fortune 500 company was originally incorporated as Bharat-Shell Refineries Limited (BSRL) on November 3, 1952, by Shell Petroleum Company Limited. In 1977, the company was renamed BPCL. Today, BPCL stands as an integrated oil refining and marketing company, and India’s second-largest Oil Marketing Company (OMC), boasting a domestic sales volume of over 51.04 MMT in FY24. It is also the third-largest oil refining company in India, with a total refining capacity of 35.30 MMT, including the Bina Refinery, accounting for approximately 14 per cent of India's total refining capacity. BPCL holds the distinction of having the second-largest marketing setup in the country for petroleum product sales.
BPCL has announced the record date for its final dividend for the financial year 2023-24. The company has set August 9 as the record date for a final dividend of Rs 10.5 per share for FY24. This final dividend is subject to shareholder approval at the upcoming Annual General Meeting (AGM) scheduled for August 2024. The exact date of the AGM will be announced separately. If approved, the final dividend will be paid to eligible members within 30 days from the date of the AGM.
BPCL's stock has performed robustly in 2024, appreciating by approximately 34.82 per cent. Over the past 12 months, the stock has surged by 58 per cent. Historically, BPCL has a strong dividend track record, having declared 37 dividends since 2003. The Rs 10.5 per share dividend announced for FY24 is the highest final dividend declared by the company since 2021. For comparison, the final dividend was Rs 6 per share in 2022 and Rs 4 per share in 2023.
Disclaimer: The article is for informational purposes only and not investment advice.