HCL Vs TCS: 2 IT Major Stocks To Trade Ex-Dividend In 3 Days

In three days, the IT companies HCL Technologies Ltd. and Tata Consultancy Services (TCS) will begin trading ex-dividend. While TCS announced Rs 9 per equity share for FY24, HCL declared an interim dividend of Rs 10. The record date for determining a shareholder's eligibility for the dividend has been set by both IT behemoths as July 20. Thus, the shares will trade ex-dividend on the same day due to the company's T+1 settlement process.

TCS Dividend

"We would like to inform you that at the Board Meeting held today, the Directors have declared an interim dividend of Rs 9 per Equity Share of Rs 1 each of the Company. The interim dividend shall be paid on Monday, August 7, 2023, to the equity shareholders of the Company, whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Thursday, July 20, 2023, which is the Record Date, fixed for the purpose," said TCS in a stock exchange filing.
Tata Consultancy Services (TCS) saw a 16.8% rise in net consolidated profit for the quarter that ended on June 30 compared to the same quarter the previous year, rising to Rs 11,074 crore from Rs 9,478 crore. From Rs 52,758 crore in Q4FY22 to Rs 59,381 crore in Q4FY23, its sales grew by 12.5% YoY.

On Monday, the shares of TCS opened on the BSE at Rs 3512 apiece. The scrip made a 52-week-high of Rs 3,575.00 on (16/02/2023) and a 52-week-low of Rs 2,926.00 on (26/09/2022).

Commenting on the outlook of TCS, A R Ramachandran, Co-founder & Trainer-Tips2trades said "Despite average Q1FY24 results, due to expectations of low to poor growth, TCS and HCL Tech results have led to a strong rally in IT stocks. TCS is technically overbought with next resistance at 3575 on the Daily charts. Investors can book profit or hold buy positions with stoploss of support of 3450."

HCL Tech

"The Board of Directors has declared an Interim Dividend of Rs.10/- per equity share of Rs.2/- each of the Company for the Financial Year 2023-24. The Record date of July 20, 2023 fixed for the payment of the aforesaid interim dividend has been confirmed by the Board of Directors. The payment date of the said interim dividend shall be August 1, 2023," said HCL Tech in a stock exchange filing today.

For the quarter ended June 30, 2023, the firm recorded a rise in total net profit of 7.6% to Rs 3,534 crore from Rs 3,283 crore in the corresponding quarter of the previous year. Consolidated sales for the firm climbed 12% to Rs 26,296 crore in Q1FY24 from Rs 23,464 crore in Q1FY23.

Commenting on the outlook of HCL, A R Ramachandran, Co-founder & Trainer-Tips2trades said "HCL Tech looks bullish on the Daily charts and a close above resistance of 1162 could lead to a target of 1200 in the near term. Support will be at 1132."
On Monday, the shares of HCL opened on the BSE at Rs 1150.10 apiece. The stock made a 52-week-high of Rs 1,202.70 on (05/07/2023) and a 52-week-low of Rs 875.65 on (29/08/2022).

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