2.56% Yield, IRCON, BEML, RITES: Top Railway Stocks Upcoming Dividends; Know Record Dates, Payment Details

Three top railway stocks will be in focus in the next few days for their upcoming interim dividends for the financial year 2023-24. Two of them holds Navratna status, while 1 is a Mini Ratna. They are Rites, IRCON Internation, and BEML. While Rites share price will turn ex-dividend this week for its 47.5% payout, IRCON and BEML are scheduled on Thursday to declare their own dividends.

1. RITES Ltd. Dividend:

The first upcoming dividend is from leading transport consultancy and engineering firm, RITES. The company will turn ex-dividend on February 9 for its interim dividend payout of Rs 4.75 per share or 47.5%. This is also its record date.

Earlier, for FY24, the company paid dividends up to 45% amounting to Rs 4.5 per share. In FY23 alone, the company paid up to 205% dividend amounting to Rs 20.5 per share.

Currently, it has a dividend yield of 2.56%, which is the highest compared to the other two railway stocks. On February 7th. RITES extended its rally to hit yet another new 52-week high of Rs 809 apiece on BSE before ending at Rs 799.05 apiece, up by 4.9% with a market cap of Rs 19,201.32 crore.

RITES Limited, a Navratna company, envisages its continued presence in projects under execution/planned in the railway sector such as Dedicated Freight Corridors, high-speed passenger corridors, network expansion, railway electrification, sub-urban railway projects, production units and workshop modernisation, port connectivity projects, freight terminals/logistics parks, redevelopment of railway stations, and coastal connectivity programme etc.

2. BEML Dividend:

Next up is BEML Ltd whose board members are scheduled to meet on February 8 to declare interim dividend for the Financial Year 2023-24 on equity shares. For the same, the company fixed February 16, as the record date to determine eligible shareholders. This will be the first interim dividend for FY24.

Earlier, in FY23, the company paid up to 100% dividend aggregating to Rs 10 per share.

Currently, it has a dividend yield of 0.27%. On February 7, BEML shares stood at Rs 3,689.20 apiece, up by 2.30% with a market cap of Rs 15,363.49 crore.

A Mini Ratna, BEML operates in three verticals viz. Defence & Aerospace, Mining & Construction and Rail & Metro and has state-of-the-art manufacturing facilities located at Bangalore, Kolar Gold Fields (KGF), Mysore, Palakkad. BEML has a very strong R&D infrastructure. BEML also has a nationwide network of sales and services.

3. IRCON International Dividend:

IRCON who recently received a Navratna status, is also scheduled to hold a meeting of board members on February 8 for Q3 results and declaration of interim dividend if any for FY24. Just like BEML, IRCON has also fixed February 16, as the record date for the same. This will be its first interim dividend for FY24.

Currently, IRCON has a dividend yield of 1.3% at the current market price. In FY23 alone, the company paid up to 150% dividend amounting to Rs 3 per share.

On BSE, IRCON shares closed at Rs 229.90 apiece, down by 0.82% with a market cap of Rs 21,622.46 crore after market hours on Thursday.

IRCON was set up to utilize the Indian Railway's experience in helping Developing Nations of the world to install or maintain their railways and also to execute railway projects for the private sector. The Company's specialization is in Railways, Railway Electrification, Signal and Telecommunication, construction of roads, highways, commercial, industrial and residential complexes, airport runways, airport constructions, leasing of locomotives, mass rapid transit systems etc.

Disclaimer: The stocks just highlight the dividends and share performances, and are not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.