EIL, Neyveli Lignite gain on hopes of higher dividend
State-owned companies – Neyveli Lignite and Engineers India are trading higher by 3% each on hopes of announcing a higher dividend for the financial year 2011-12.
Engineers India has rallied 6% to Rs 269 on the Bombay Stock Exchange (BSE). The board of directors of the public sector undertakings consulting services firm will meet on February 13, to consider the unaudited results for the third quarter ended and interim dividend for the financial year 2011-12. The company has already fixed February 20 as Record date if board declares the interim dividend.
Neyveli Lignite is trading higher by 4% at Rs 95.55 schedule to declare its third quarter results on February 10.
According to media reports the company has planned to pay a dividend of Rs 439.51 crore to the Coal Ministry for 2011-12. The company had paid a dividend of Rs 386 crore or @ 23% i.e., Rs 2.30 per equity share for the financial year ended March 31, 2011.