Shares of Shree Cement Ltd. are trading ex-dividend from Thursday. Adjusting for dividend payments, the stock is still trading with gains.

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The ex-dividend date for a stock is the date at which it begins trading without the benefit of the next dividend payment for new shareholders. This means that dividend payments will no longer be paid to investors who purchase the stock on this day.

On May 22, the board of directors of Shree Cement had declared a second interim dividend of Rs 55 per share of Rs 10 each (550 percent) for the year 2022-23. The dividend will be paid from June 13.

Earlier in the year, the board had declared an interim dividend of Rs 45 per share (450 percent). The total dividend for the financial year 2023 worked out to Rs 100 per share (1,000 percent) compared to the total dividend of Rs 90 per share (900 percent) in the financial year 2022.

For the March 2023 quarter, Shree Cements had reported a 15.3 percent year-on-year decline in standalone net profit at Rs 546.2 crore compared with a profit of Rs 645 crore a year ago.

After the earnings, HDFC Securities said it was maintaining its ‘Reduce’ rating on Shree Cements, with an unchanged price target of Rs 22,600 per share.

According to the brokerage firm, operating level gains, increased green power usage and higher contribution of non-cement revenue drove blended unit EBITDA (earnings before interest, tax, depreciation and amortisation) expansion by Rs 130 tonne to Rs 1,101 compared with the previous quarter.

Shares of Shree Cement are trading 0.3 percent higher at Rs 25,248.70. The stock is off the opening highs.