RVNL declares 17.7% dividend — check out dividend amount, record date, payment date

Rail Vikas Nigam Ltd (RVNL) on Friday announced a dividend of Re 1.77 per equity share of face value of Rs 10 each — making it a 17.7 per cent dividend. The board of the Rail Vikas Nigam — a construction arm of Indian Railways — gave nod to the dividend with a record date decided earlier. 

RVNL shares edged higher to end at Rs 64.7 apiece on BSE after the dividend announcement, having risen as much as 2.4 per cent to Rs 66.2 during the sesion. The stock traded in moderate volumes. A total of 7.7 lakh RVNL shares changed hands for the day on BSE, as against a daily average of 10.9 lakh in the past two weeks, according to provisional exchange data. 

Here's a lowdown on the latest dividend declared by the RVNL board: 

Rail Vikas Nigam Ltd (RVNL) dividend: Record date

The board had earlier set April 6 as the record date for any such dividend.

What is a record date? What does it imply?

A record date determines the shareholders eligible to benefit from corporate action such as a dividend payout. Simply put, investors holding the stock on that particular day become eligible to receive the dividend. 

RVNL dividend: Payment date

The company said the interim dividend will be paid on or before April 22.

RVNL share price: Historical performance

RVNL shares have rewarded investors with a return of almost 90 per cent in the past one year, a period in which the Nifty has lost 0.8 per cent of its value.

However, the Rail Vikas Nigam stock has not fared so well so far in 2023, having lost 5.7 per cent on a year-to-date basis though better than a 6.9 per cent cut in the headline index.

In a separate development, RVNL said it had won a road project in Gujarat as part of its joint venture, Rachana-RVNL JV. The project cost is Rs 252 crore with the share of Rachana Construction Co at 60 per cent and RVNL at 40 per cent.

ALSO READ: Anil Singhvi shares his top wealth creation picks, expects two of them to double!

Catch highlights of the March 24 session in the Indian share market here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.