Rs 4.5/Share Dividend: PSU Mid Cap Stock To Go Ex-Dividend In 2 Days, Buy Or Hold?

Mid cap PSU Navratna stock RITES Ltd shares are all set to trade ex-dividend on November 8, 2023. Earlier on October 30, 2023, Board of RITES declared second interim dividend of Rs 4.5 per share and fixed November 8, 2023 as the record date. Current market price of RITES share on BSE is Rs 447.80 per share with intraday gain of 2.03%. RITES shares declined 7.00% in last 1-month and gained 58% in last 2-years. Check details below:

RITES Shares To Go Ex-Dividend: According to the BSE filing of the company dated October 31, 2023, "The Board of Directors has declared the second interim dividend of Rs 4.5 per share amounting Rs 108 crore. The record date for the purpose of payment of dividend is November 8, 2023."

The Company has fixed Wednesday, November 08, 2023 as the Record date for the purpose of payment of Second Interim Dividend for the F.Y 2023-24.

Rites Secures Orders Worth Rs 329 Crore In Q2FY24: The company has secured more than 70 orders (including extension of works) worth more than Rs 329 crore in Q2FY24, thereby maintaining a healthy order book of Rs 5529 crore as on September 30th, 2023.

RITES Stock Outlook & Return: Current market price of RITES share on BSE is Rs 447.80 per share. Its 52-week high price is Rs 583.45 per share and 52-week low price is Rs 305.75 per share, respectively. The company has a market capitalisation of Rs 10,760.72 crore. RITES shares soared 31% year-to-date, soared 11% in last 1-year, gained 58% in last 2-years, and offered a return of 111% in last 5-years.

RITES Dividend History: Earlier this year on May 18, RITES declared a final dividend of Rs 6 per share - a 60% with the face value of Rs 10 per share. It traded ex-dividend on September 8, 2023. Rites Ltd has declared 20 dividends since Sept. 11, 2018. In the past 12 months, Rites Ltd. has declared an equity dividend amounting to Rs 20.25 per share. At the current share price of Rs 447.80, it offers a dividend yield of 4.52%, according to Trendlyne.

RITES Financial Performance: The company for the quarter ended September 30, 2023 declared its net sales at Rs 582.36 crore, down 11.64% from Rs 659.08 crore in September 2022. Its quarterly net profit announced at Rs 101.15 crore for the quarter under consideration, down 23.61% as compared to Rs 132.42 crore in the corresponding quarter of last year. The company's EBITDA stood at Rs 164.29 crore for the September quarter, down 20.43% as against Rs 206.46 crore in September 2022.

Axis Securities Recommends Hold Call To RITES: According to the analyst in its report dated November 2, 2023, "We maintain our HOLD recommendation on the stock and revise our estimates downward for FY24 and FY25 respectively."

About: RITES operates under the Ministry of Railways and it was 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.

Disclaimer

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