01 Sep , 2022 By : Kanchan Joshi
Shares of Power Finance Corporation (PFC) dipped more than a per cent to ?118.9 apiece on the BSE in Thursday's early deals as the stock started trading ex-dividend, ahead of the record date for its interim dividend for the FY2022-23.
Last month, the company informed that “the board in its meeting held on August 12, 2022 approved an interim dividend of ?2.25 per equity share of face value of ?10 each for 2022-23." Further, the company said that September 3, 2022 shall be the 'Record Date' for the purpose of ascertaining the eligibility of shareholders for payment of the interim dividend and the date of payment /dispatch of the interim dividend shall be on or before September 11, 2022.
State-owned Power Finance Corporation (PFC) posted a marginal rise in consolidated net profit at ?4,579.5 crore for the first quarter ending June 2022-23. The net profit of the company was ?4,555 crore in the year-ago period. Its total income was at ?18,544 crore as against ?18,970 crore in the same period a year ago.
The board had also approved subscription of 50 per cent equity shareholding not exceeding ?50 crore in PFC Projects Ltd (PPL) for taking over stressed/NPA (bad loan) assets in the power sector, subject to requisite approvals. PPL is a power asset management company. The PFC Board on August 12, 2022 accorded approval for creation of Power Asset Management Company (PAMC) for taking over the stressed/NPA power assets.
In the past 12 months, Power Finance Corporation Ltd. has declared an equity dividend amounting to ?12 per share. At the current share price of ?118.90, this results in a dividend yield of 10.09%, as per data by Trendlyne.
Incorporated on July 16th, 1986, PFC is under the administrative control of the Ministry of Power, is a leading Non-Banking Financial Corporation in India, and was conferred the title of a 'Maharatna CPSE' in October, 2021. The PSU stock is down about 4% in 2022 (YTD) so far.