Tech Mahindra fixes record date for Rs 15 special dividend; shares zoom 6%

Tech Mahindra shares on Tuesday soared to a new high on back of September quarter result and announcement of record date for special dividend by the Information and Technology giant. Shares of Tech Mahindra spurted to 52-week high of Rs 1629.40 on the Bombay Stock exchange in Tuesday's intraday trade. Tech Mahindra shares slumped to 52-week low value of Rs 782.25 on October 29, 2020.  

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Tech Mahindra shares, which were also the top gainer on Nifty 50 index, were trading with a gain of Rs 85.55 or +5.61% to Rs 1609.95.  

Meanwhile, after announcing Rs 15 special dividend on Monday, the IT giant has fixed November 5, 2021 as the record date for determining the members entitled to receive the dividend. "The special dividend shall be paid on Monday, 22"! November, 2021 to equity shareholders of the Company whose names appear on the Register of Members of the Company or in the records of Depositories as beneficial owners of the shares as on Friday, 5" November, 2021," the company said in a BSE filing on Tuesday.

In a tweet on Tuesday Anannd Mahindra, Chairman Mahindra Group, tweeted that the Tech company has crossed $20bn mark. At 11.20 on BSE, Tech Mahindra's market cap stood at Rs 1,52,326.71 crore. 

Earlier on Monday, Tech Mahindra reported a 25.8% growth in consolidated net profit for the quarter ended September, (Q2, FY22) at Rs. ₹1,338 crore against Rs 1,064 crore in FY 21. On a sequential basis, the company's profit after tax (PAT), however fell 1.1% from Rs. 1,353 crore in Q1. 

Meanwhile, post Tech Mahindra Q2 results, global brokerage firms—Morgan Stanley, CLSA, Citi, Macquarie and JPMorgan — have raised their 12-month target prices.  

Morgan Stanley revised target from Rs 1670 to Rs 1900, CLSA from Rs 1600 earlier to Rs 1720, Citigroup to Rs 1765 from Rs 1655 earlier and Macquarie from Rs 1940 to Rs 1980.