Rs 205 dividend: LIC gained Rs 63,63,91,003 in just a single day in this MNC stock!
Escalating demand in the automotive sector, particularly in passenger cars and the heavy commercial vehicle (HCV) segment.
The NSE benchmark Nifty 50 index demonstrated a remarkable recovery from intraday lows, concluding the session with a gain of 0.59 per cent, settling at 21,743.25. The majority of sectors closed in positive territory, with Nifty Bank leading the charge, surging by 1.38 per cent. This bullish sentiment extended to broader indices, reflecting widespread buying interest.
Notably, amidst this upward trajectory, Bosch Ltd. emerged as a standout performer, achieving a fresh 52-week high and closing with a robust gain of 4.21 per cent on Tuesday.
Bosch attributed its impressive performance to the escalating demand in the automotive sector, particularly in passenger cars and the heavy commercial vehicle (HCV) segment. The company reported a noteworthy 12.3 per cent year-on-year increase in net profit, amounting to Rs 518 crore for the third quarter of fiscal 2023-24. Furthermore, its revenue from operations witnessed a substantial growth of 14.9 per cent, reaching Rs 4,205 crore during the same period.
Guruprasad Mudlapur, President of the Bosch Group, India, and Managing Director of Bosch Ltd., highlighted, "Increased demand for vehicles has resulted in robust growth for Bosch Limited this quarter."
Additionally, the Board of Directors declared a special payout in the form of an interim dividend of Rs 205 per equity share of Rs 10 each, as stated in the company's exchange filing. This dividend, payable to shareholders whose names are listed on the Register of Members of the Company as of the Record Date, Friday, February 23, 2024, will be disbursed on or after March 06, 2024.
Furthermore, it's noteworthy that the Life Insurance Corporation of India (LIC) holds 2.03 per cent of Bosch Ltd.'s shares, equivalent to 5,98,759 shares. With the stock surging by Rs 1,062.85 per share on Tuesday, LIC accrued an impressive Rs 63,63,91,003 in a single day.
Over the last three months, the stock has shown a notable advancement of 35.04 per cent, and over the last year, it has risen by an impressive 51.08 per cent. With an attractive dividend yield of 1.83 per cent, Bosch Ltd. continues to be an appealing investment option for shareholders.
Disclaimer: The article is for informational purposes only and not investment advice.
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