Even when all the stocks were tumbling down like nine pins over the past couple of days, ITC stood in great resilience. The stock was in fact a gainer over the past three days, rising over 4%. The stock price hit an intraday high today at Rs.158.25, a jump of over 5%.
The company yesterday, on its website stated that it has decided to give away 80 to 85% of its PAT as dividend to its shareholders.
This is to become effective in current, FY20, fiscal.
The company notice on this said that it will be declaring interim dividend whenever it deemed right, at its own discretion while the final dividend payout could include special dividends, as and when recommended.
Analysts are of the opinion that because ITC is done with most of its heavy duty capex some time now, it might have decided to utilize the profit to distribute to its shareholders.