Stocks such as Vedanta Ltd, Zee Entertainment Enterprises Ltd, Gillette India Ltd, NBCC (India) Ltd, Whirlpool of India Ltd and IRB Infrastructure Developers Ltd are among stocks that would turn ex-dates for corporate actions next week.
HDFC Bank Ltd will turn ex-date for its 1:1 bonus issue on August 26, alongside Vysya Bank Ltd, which will go ex-date for its 1:5 bonus issue the same day. TVS Motor Company Ltd will turn ex-date on August 25 for its scheme of arrangement.
The Vedanta board, at its meeting held on August 21, had considered and approved an interim dividend of Rs 16 per share with a face value of Re 1 each. August 26 is the record date for the purpose of determining eligible Vedanta shareholders for dividend purposes. All eligible shareholders of the company with their names on the list at the end of Tuesday (record date) would be eligible to receive a dividend, Vedanta said in a stock exchange filing.
The Zee Entertainment Enterprises, at its meeting held on May 8, had recommended a final dividend of Rs 2.43 per equity share with a face value of Re 1 each for approval of members at the AGM. August 29 is the record date for the same, the company informed the stock exchanges.
Similarly, the Gillette India board held its meeting on May 26 and had recommended a final dividend of Rs 47 per equity share of a face value of Rs 10 each for approval of members at the AGM. Tuesday is the record date for the same, Gillette India told stock exchanges.
The Whirlpool board had recommended a final dividend of Rs 5 per equity share of face value of Rs 10 each for approval of members at the AGM. August 29 is the record date for the same.
Procter & Gamble Hygiene and Health Care Ltd (Rs 65 per share, August 28 is the record date), NBCC (India) Ltd (Rs 0.14 per share, August 29 is the record date), Engineers India Ltd (Rs 2 per share, August 29 is the record date), IRB Infrastructure Developers Ltd (Rs 0.07 per share, August 29 is the record date), Jyothy Labs Ltd (Rs 3.50 per share, August 28 is the record date) and Route Mobile Ltd (Rs 2 per share, August 28 is the record date) are among the stocks that would turn ex-date next week.
As far as the domestic market is concerned, Vinod Nair, Head of Research at Geojit Investments Limited, said the domestic market started the week with a gap-up, driven by optimism surrounding GST rationalization.
“Additionally, a sovereign rating upgrade by S&P added another layer of confidence among investors. However, the rally lost momentum toward the end of the week as investors turned cautious due to profit booking and external headwinds. A spike in the 10-year Indian government bond yield also raised concerns about the fiscal position in light of the GST reforms,” Nair said.
Nair said the market is awaiting clarity on whether the additional 25 per cent U.S. tariffs on Indian goods, linked to the import of Russian oil, will be implemented next week. Simultaneously, investors will closely watch the outcome of US Fed Chair’s speech at the Jackson Hole symposium for cues on the interest rate trajectory.
“Despite these external headwinds, domestic economic indicators offer a glimmer of hope. A record-high composite PMI and early signs of an urban demand revival are expected to support the market. The consumption sector is likely to benefit from a favourable monsoon, low interest rates, and indirect tax reliefs. The week ahead will be crucial, with key releases including India’s GDP, along with U.S. growth and inflation data-both of which will be closely tracked for insights into the global economic outlook,” Nair added.