“The Board of Directors, at their meeting held today, has declared an interim dividend of Rs 4.95 per equity share of Re 1 each, for the financial year ending 2023-24,” the company said in a filing.
The record date for determining the members eligible to receive the interim dividend is fixed as April 3. The said dividend would be paid on or before April 23.
Shares of companies usually trade ex-dividend on the day or a day before the record date. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment. An ex-dividend date also dictates which shareholders are eligible to receive the dividend payment.
A pioneer in the commercial vehicle (CV) space, Ashok Leyland is a flagship of the Hinduja Group and is the second- largest manufacturer of commercial vehicles in India, 4th largest manufacturer of buses and 19th largest manufacturer of trucks in the world.
Headquartered in Chennai, with 7 manufacturing plants in India, a bus manufacturing facility in Ras Al Khaimah (UAE), and one at Leeds, United Kingdom, Ashok Leyland has a well diversified portfolio and an international footprint.In the recent third quarter, the company continued to see a strong demand for its products both in the MHCV and LCV segments, holding its position as the lead manufacturer of Buses in the country.During the quarter, the company garnered orders for more than 3,800 buses from state transport undertakings.
It reported an EBITDA of Rs 1,114 crore in the same period, up 12 year-on-year, registering double-digit percentage EBITDA in all three quarters of the fiscal year.
Shares of Ashok Leyland have delivered diminishing returns for investors so far this year, falling nearly 11%.
“Ashok Leyland has that strong resistance of 185. So, it is better to buy expensive than to buy the bargain right now at 175. So, I will wait for a breakout around 190 and then only look for a momentum right in that,” said Vishal Malkan of Malkansview.com.
