Key Points of Glenmark Life Interim Dividend Announcement:
- Glenmark Life Sciences announces interim dividend of ₹21 per share for FY 2022-23.
- Record date for eligible shareholders for payment of interim dividend fixed as March 24, 2023.
- Glenmark Life Sciences’ share price soared after news of interim dividend.
- Profit booking triggered a retracement from intraday highs to around ₹400 per share.
- The dividend-paying stock declared interim equity dividend for the financial year 2022-23.
- This is the second time that Glenmark Life Sciences Ltd would trade ex-dividend in FY 2022-23.
- Glenmark Life Sciences is available for trade on both NSE and BSE, with a market cap of ₹4,934 crore.
- The stock is standing at an attractive valuation in comparison to its peers.
Details of Glenmark Life Interim Dividend Announcement:
Glenmark Life Sciences Declares Interim Dividend of ₹21 Per Share for FY 2022-23
Glenmark Life Sciences Ltd, a leading pharmaceutical company, has announced an interim dividend of ₹21 per share for eligible shareholders for the financial year 2022-23. The company has fixed 24th March 2023 as the record date for finalizing the eligible shareholders for payment of this interim dividend.
As soon as the news of the interim dividend broke, Glenmark Life’s share price soared, opening with an upside gap and hitting an intraday high of ₹417.70 per share within a few minutes of the stock market’s opening bell. However, profit booking triggered a retracement from intraday highs to around ₹400 per share by the end of the first hour of the Friday session.
In a statement to Indian bourses, the dividend-paying stock said, “The Board of Directors of the Company has declared Interim Equity Dividend for the financial year 2022-23 of Rs. 21/- per equity share of Rs. 2 each. The record date for reckoning the list of shareholders who shall be entitled to receive the said interim dividend shall be Friday, March 24, 2023. The interim dividend will be paid to such shareholders on or after March 29, 2023.”
This is the second time that Glenmark Life Sciences Ltd would trade ex-dividend in the financial year 2022-23. Earlier on 15th September 2022, Glenmark Life Sciences traded ex-dividend stock for payment of ₹10.50 per share final dividend to its eligible shareholders.
With a market cap of ₹4,934 crore, the dividend stock is available for trade on both NSE and BSE. Its 52-week high is ₹534 per share on NSE, while its 52-week low is ₹370 per share on NSE. Currently, the stock is standing at a PE multiple of 11.72, whereas the sector multiple is 26.38. Therefore, the dividend stock is available at an attractive valuation in comparison to its peers.
In conclusion, Glenmark Life Sciences Ltd’s announcement of an interim dividend has garnered significant attention, with investors showing keen interest in the stock due to its attractive valuations and impressive dividend history.
About Glenmark Life:
Glenmark was established with the goal of becoming a preeminent, fully integrated, international pharmaceutical firm. We have a sizable presence in markets across emerging economies, including India, through our branded generics business.
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