ITC shares to turn ex-dividend today; payment likely around August 14-17. Full details

Shares of ITC will turn ex-dividend on Tuesday, meaning the ITC stock price will get adjusted for the dividend payout today. Tuesday is also the record date for the dividend and that board of directors of ITC will determine name of the eligible ITC shareholders for dividend. All eligible shareholders with their names in the list at the end of record date will be eligible to receive dividend.

ITC had earlier this month declared a final dividend of Rs 6.75 for FY23. It also announced a special dividend of Rs 2.75 per for the year. If one adds the two dividends to the interim dividend of Rs 6 per share that ITC announced on February 3 this year, the total dividend for FY23 would be Rs 15.50 per share.

Watch: ITC shares turn ex-dividend today, share price falls; check payment date, dividend history, other details

The total dividend outflow for FY23 will stands at Rs 19,255.02 crore, including Rs 7,448.41 crore in interim dividend paid in the March this year. 

ITC had announced a total dividend of Rs 11.50 per share in FY22 and Rs 10.75 per share in FY22. In value terms, ITC's FY23 dividend is almost three times that of Rs 6,469.48 crore dividend paid in FY22 and Rs 6,152.68 crore dividend paid in FY21. 

As of Monday's closing price, ITC shares offered a dividend yield of 3.45 per cent. This is against a dividend yield of 4.59 per cent in FY22 and 4.92 per cent in FY21.

Anlaysts are largely positive on ITC shares. JM Financial, which has a target of Rs 475 on the stock, said recent government actions reflect a pretty supportive policy-environment for the legal cigarettes industry. Motilal Oswal Securities has a target of Rs 485 on ITC. Elara Securities sees the stock at Rs 473 on the stock. Kotak Institutional Equities finds the stock worth Rs 450.

Meanwhile, ITC representatives will be virtually attending the ‘JP Morgan India Consumer C-Suite Access Days’ on June 1. 

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