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Shares of state-owned non-banking financial company (NBFC) Power Finance Corporation (PFC) jumped 5.67 per cent to an intra-day high of Rs 505 on the BSE during Monday's trading session. The uptick in the stock price aligns with the company’s announcement of dividend rewards for its shareholders.
Notably, Power Finance Corporation shares are trading ex-dividend today following the company’s announcement of a second interim dividend of Rs 3.50 per share for the financial year 2024-25.
In an exchange filing dated November 8, 2024, PFC informed the bourses that its board of directors had approved the "declaration of a second interim dividend of Rs 3.50 per equity share (i.e., 35 per cent) (subject to deduction of TDS) on the face value of Rs 10 per paid-up equity share for FY 2024-25.”
The company also stated that Monday, November 25, 2024, would be considered the ‘Record Date’ for determining the eligibility of shareholders for the said dividend. The payment/dispatch of the dividend will take place on or before December 8, 2024.
Power Finance Corporation is a public financial institution and NBFC that provides financial assistance and support for the development of the power sector. The company is engaged in power sector financing and the integrated development of power and associated sectors.
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As of November 25, 2024, PFC commands a market capitalisation of Rs 1,61,077.97 crore on the BSE. It is a constituent of the BSE 100 index.
PFC shares have delivered a return of 23 per cent year-to-date. At the current market price, the company’s dividend yield stands at 2.51 per cent.
The NBFC stock has a 52-week range of Rs 580.35 to Rs 309.20 on the BSE.
At around 12:27 PM on Monday, PFC shares were trading at Rs 488, up 2.11 per cent from their previous close of Rs 477.90. Nearly 12.17 million shares of PFC, worth approximately Rs 624.36 crore, have changed hands on both the NSE and BSE so far on Monday.
Meanwhile, benchmark equity indices also traded higher by over 1 per cent each on Monday. The BSE Sensex was trading at 80,269.35, up 1,152.24 points or 1.46 per cent, while the NSE Nifty50 was at 24,277.85, up 370.60 points or 1.55 per cent.
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