Tata Communications stock turns ex-dividend today; shares rise

The ex-dividend date is the day when a stock starts trading without the value of its next dividend payment. So, if you purchase a stock on or after its ex-dividend date, you are not eligible to receive the dividend announced.

Tata Communications board had recommended a final dividend of ₹16.70 per share for the financial year ended March 2024 on April 17, 2024.

“The Board of Directors has recommended a final dividend of ₹16.70 per share (face value of ₹10 each) for the financial year ended March 31, 2024. This dividend, upon approval of the shareholders at the ensuing Annual General Meeting (AGM), shall be paid to eligible shareholders after its conclusion,” the company said in a filing to the stock exchanges.

On Monday, the Tata Communications stock opened lower at ₹1,846.45 apiece on the NSE compared to its previous close of ₹1,854.45. The Tata Group stock rallied up to 0.73% to hit an intraday high of ₹1,868.1 apiece on the NSE.

Year-to-date, the share price has gained 5% while rising 17% in the past one year.

For the quarter ended March 2024, Tata Communications reported a 1.5% drop in its consolidated net profit to ₹321.2 crore, compared to a net profit of ₹326 crore in the year-ago quarter. Revenue from operations surged 24.6% to ₹5,691.7 crore in Q4 FY24, as against ₹4,568.7 crore in Q4 FY23.

Last month, Tata Communications was in the news after it secured a five-year $250 million sustainability-linked loan (SLL) from three foreign lenders -- Australia and New Zealand Banking Group Ltd (ANZ), DBS Bank and Export Development Canada (EDC).

Tata Communications informed the stock exchanges that it would use the funds to meet carbon emission reduction targets as it aims to become “Net Zero” across its global operations by 2035.

Tata Communications shares closed almost flat at ₹1,855 apiece, marginally in green on the NSE.