Five Tata Group stocks turn ex-dividend; Tata Steel gains, others slip

Tata Steel, Tata Power Company, Tata Exlsi, Tata Chemicals and Tinplate Company of India traded at ex-dividend adjusted price on Wednesday.

Shares of five Tata Group companies, Tata Steel, Tata Power Company, Tata Exlsi, Tata Chemicals and Tinplate Company of India have turned ex-date for final dividend on Wednesday.

Tata Steel had announced a final dividend of Rs 51 per share, while Tata Elxsi approved final dividend of Rs 42.50 per share, followed by Tata Chemicals (Rs 12.50 per share), Tinplate Company (Rs 4 per share) and Tata Power (Rs 1.75 per share).

Among the individual stocks, as of 02:19 PM; Tata Chemicals, Tinplate Company, Tata Power and Tata Elxsi traded lower by up to 3 per cent on the BSE. In comparison, the S&P BSE Sensex was up 0.13 per cent at 52,760.

However, the stock of Tata Steel was up 2 per cent at Rs 963.50 (adjusted to final dividend) after hitting a high of Rs 974.15 in intra-day trade on the BSE. The stock hit a 52-week low of Rs 951.50 in intra-day trade, the exchange data shows.

On May 3, 2022, the board of directors of Tata Steel, in order to enhance the liquidity in the capital market, to widen shareholder base and to make the shares more affordable to small investors, considered and approved the proposal for sub-division of 1 equity share of the Company having face value of Rs 10 each into 10 equity shares of the Company having face value of Re 1 each.

In the past three months, Tata Steel has underperformed the market by falling 22 per cent, against 5.5 per cent decline in the S&P BSE Sensex.

Demand and consequently pricing is seasonally weak at present. The government’s policy on imposition of export duty on iron ore, pellets, and certain categories of steel will further depress domestic prices, according to analysts.