PSU Stock Dividend: Miniratna Company Sets Record Date, Dividend Yield 3.92%

Mid cap miniratna company operating in services sector, Rites Ltd on August 18, 2023 fixed September 8, 2023 as the record date for final dividend, if approved. Rites shares offered shareholders return of 67% in last 1-year and 70% return in last 1-year. Last trading price of Rites stock on BSE is Rs 452.10 apiece with intraday decline of 1.18% as on August 18, 2023. Check details below:

Board of Rites Sets Record Date For Dividend: According to the BSE filing of Rites dated August 18, 2023, "Final Dividend, if approved at the Annual General Meeting, will be paid to those shareholders whose name appear in the Register of Members of the Company and to those shareholders whose name appears in the Statements of beneficial ownership furnished by NSDL and CDSL at the end of business hours on 8th September 2023."

Earlier this year on July 28, 2023, the Board of Directors have declared first interim dividend for the Financial Year 2023-24 at the rate of Rs. 3.75 per share (37.5% of paid up share capital) of the company. Further, as intimated earlier vide our letter no. RITES/SECY/NSE, dated 17.07.2023, the record date set for the purpose of payment of first interim dividend for Financial Year 2023-24 is August 07, 2023.

Rites Dividend History: The company has announced 18 dividends since September 11, 2018. In the past 1-year, Rites announced an equity dividend worth 17.75 per share, according to Trendlyne. If the current market price of Rs 452.10 is taken into consideration, it offers a dividend yield of 3.92%.

Rites Stock Performance & Return: Last trading price of Rites stock is Rs 452.10 apiece. Its 52-week high price is Rs 509.80 apiece and 52-week low price is Rs 269.80 apiece, The company has a market capitalisation of 10,864.05 crore. Rites shares soared 11% in last 1-month, 16% in last 3-months, 34% in last 6-months, and 72% in last 3-years.

Rites Financial Performance: The company for the quarter ended June 30, 2023 declared its consolidated total income at Rs 562.63 crore, down 20.27% as compared to last quarter total income of Rs 705.63 crore. It announced its recent quarter net profit after tax at Rs 119.73 crore.

Rites About: RITES Limited, a Miniratna (Category-I) and Schedule 'A' Central Public Sector Enterprise under the Ministry of Railways, incorporated on April 26, 1974, is a multidisciplinary engineering and consultancy organization, providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologies. RITES is a leading player in the transport consultancy and engineering sector in India and uniquely placed in terms of diversification of services and geographical reach in various sectors such as railways, highways, urban engineering (metros) & sustainability, airports, ports, ropeways, institutional buildings, inland waterways, and renewable energy, according to its official website.

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