Dividend Stock: ₹30 Dividend from Cable Company, Record Date July 9

Dividend Announcement: Polycab India, the cable and wire company, announced a final dividend of ₹30 per share with a face value of ₹10 for the financial year 2023-24. The record date is 9th July 2024. Shareholders registered as beneficial owners by this date will be entitled to the dividend.

Shareholder Approval: If shareholders approve the dividend proposal at the annual general meeting (AGM) on 16th July, the dividend will be paid within 30 days of the meeting.

Stock Performance: Polycab India’s stock closed at ₹6629.15 on 5th July on the BSE. The company’s market cap is ₹99600 crore. The stock’s 52-week high is ₹7330 and the low is ₹3492. The share price increased by 87% in the past year and 25% in the last three months.

June Block Deal: On 28th June, a block deal involved the sale of 2.74% equity in Polycab India for ₹2716.5 crore. 40.5 lakh shares were sold at ₹6708 per share. Jefferies maintained a ‘Buy’ rating with a target price of ₹8420, which is 27% higher than the closing price on 5th July. The company’s board will review and approve the financial results for Q1 FY2025 in a meeting on 18th July.