MRF shares rise over 2% as stock turns ex-dividend on Thursday

MRF shares will turn ex-dividend on Thursday, and Wednesday is the last day for investors to purchase shares to be eligible for dividend payout.

The MRF board, earlier in May, had recommended a final dividend of ₹194 (1940%) per share of ₹10 each for FY 2023-24.

The dividend payout was in addition to two interim dividends of ₹3 (30%) per share each in November and February for the financial year ended March 31, 2024.

The aggregate dividend for the year works out to ₹200 (me 2000%) per share of ₹10 each.

The company will hold its annual general meeting on August 1, 2024, to seek shareholders’ approval for dividend payment. Subject to the shareholders' approval, the dividend will be paid on or after August 23, 2024.

MRF shares rose by 2.69% to hit a high of ₹1,35,555.55 apiece on the NSE. The stock opened lower and hit a low of ₹1,30,955.55 in opening session.

However, MRF shares recovered from lows due to buying momentum. At 12:40 p.m., the stock was trading 2.44% higher at ₹1,35,220 apiece on the NSE.

MRF's consolidated total income was ₹25,486 crores for the year ended March 2024 compared to ₹23,261 crore in the previous year. The consolidated profit before tax stood at ₹2,787 crore for the year 2023-24, against ₹ 1,070 crore for the preceding fiscal.

Net profit for FY24 stood at ₹2,081 crore as against ₹769 crore for the previous financial year. Profits for the year increased due to higher sales, lower raw material costs and improved efficiencies.