Two stocks — one of information technology company Coforge, and the other of pharmaceutical company Laurus Labs — will turn ex-dividend on Wednesday. Shares of Coforge Ltd settled 0.096 percent higher at Rs 4,120.20 apiece on NSE on Tuesday, while Laurus Labs stock closed at Rs 335.25 per share, up 1.56 percent on the stock exchange.

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Below are the dividend paying stocks that will trade ex-dividend today —

Coforge: The IT firm had earlier declared a dividend of Rs 19 (190 percent of face value) per share for fiscal 2022-23. The date of payout is May 9, 2023. Ex-date and record date for the same is today. The IT company has a market cap of Rs 25,129 crore.

Coforge has declared 26 dividends since July 15, 2005. In the past 12 months, Coforge has declared an equity dividend amounting to Rs 58 per share, according to data from Trendlyne.

Coforge's fourth quarter (Q4FY23) net profit declined 48.08 percent to Rs 116.7 crore from Rs 224.8 crore in the same quarter last year. The reason for the decline was largely due to a one-off expense of Rs 52.3 crore it incurred as part of its curtailed fundraising bid which was approved in 2021. During the period, the firm's revenue went up Rs 2,170 crore, rising 24.5 percent from the corresponding period a year ago.

Laurus Labs: The pharmaceutical company will trade ex-dividend today with an interim dividend of Rs 1.2 per share (60 percent of face value). The firm has a market capitalisation of Rs 16,989 crore. Shares of Laurus Labs ended 1.23 percent higher at Rs 334.30 apiece on the BSE in Tuesday's trade.

Laurus Labs has declared 12 dividends since July 6, 2017. In the past 12 months, Laurus Labs Ltd. has declared an equity dividend amounting to Rs 2 per share, as per Trendlyne data.

The pharmaceutical company posted a 20 percent rise in exports on a year-on-year basis at $138 million for the March quarter. On a quarter-on-quarter basis, exports surged 50 percent. The company’s net profit rose 32.1 percent on-year to Rs 203.04 crore as against Rs 153.7 crore in the same period a year ago. Net revenue, meanwhile, climbed 50.16 percent to Rs 1,544.82 crore from Rs 1,028.76 crore in the year-ago period.

Shares of a company usually trade ex-dividend on the day of record date or a day before. When a company trades ex-dividend on a particular date, its stock does not carry the value of the next dividend payment.

First Published:May 10, 2023 7:04 AM IST