Post Budget, firms on dividend payout spree

Reliance Industries declared an interim dividend of Rs 10.50 per share for 2015-16.

Listed companies are on a dividend announcement spree to beat the government’s 10 per cent tax on annual dividend income.

Over 250 companies have called board meetings to declare interim dividends after the government announced an additional 10 per cent tax for those earning an annual dividend income of more than Rs 10 lakh in the latest Union Budget.

On Thursday, boards of over 40 companies met to consider dividends. The boards of over 50 companies are meeting to consider dividend payout on Friday and another 30 companies on Saturday and Monday.

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On Thursday, Reliance Industries declared an interim dividend of Rs 10.50 per share for 2015-16. “The interim dividend on equity shares will be dispatched/ credited to those members whose names appear on the company’s Register of Members and to the beneficial owners whose particulars would be furnished by the depositories as on record date, i.e. March 18, 2016,” the company said.

Hero MotoCorp declared an interim dividend of Rs 40 per equity share for the financial year ending March 31. FMCG firm Marico said it has declared third interim dividend of Re 1 per equity share for the current financial year. Earlier the company also declared first interim dividend of Rs 1.75 per equity share and second interim dividend of Rs 1.50 per equity share for the financial year 2015-16.

Congress releases second list for Bihar elections, fields 5 candidates

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Congress released its second list of candidates for the Bihar Assembly elections, but the Mahagathbandhan is still working on a seat-sharing arrangement for the first phase of polling. The Jharkhand Mukti Morcha (JMM) will contest six seats on its own. The elections will be held in two phases on November 6 and 11, with results on November 14.

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