Tata Group Stock Hits Fresh High As Board Sets Record Date For Dividend; Do You Own? – News18

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Last Updated: July 10, 2023, 14:54 IST

Multibagger Tata Group Stock: Benares Hotels’ share price has ascended to a lifetime high during Monday’s trade. The scrip went on to hit an intraday high of Rs 5,862.95 apiece which turned out a new lifetime high for the BSE-listed multibagger stock. The stock has been in an uptrend for the last two years as the small-ca stock has risen from around Rs 1225 to Rs 5,862.95 apiece levels in the last two years, delivering to the tune of 375 per cent in the last two years.

On Friday, the Board of Directors of Benares Hotels Ltd declared that the dividend record date will be on August 17, 2023, for ascertaining the eligible shareholders for payment of Rs 20 per share.

In one of its latest exchange communication, this small-cap dividend stock informed Indian stock market bourses about the record date for interim dividend citing, “Pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and Share Transfer Books of the Company will remain closed from Friday, August 18, 2023 to Friday, August 25, 2023 (both days inclusive) for reckoning the entitlement of dividend for the FY ended March 31, 2023, subject to Tax Deducted at source, if declared by the Members at the ensuing AGM of the Company to be held on Thursday, August 24, 2023,” adding, “Please note that Thursday, August 17, 2023 is cut-off date for reckoning eligibility of Members for voting electronically as well as at the AGM and for payment of Dividend (payable on or after Monday, September 4, 2023), if declared/approved at the AGM.”

Earlier, the Tata Group stock had informed Indian exchanges about the interim dividend citing, “We refer to our letter dated April 10, 2023. The Board of Directors of the Company in its meeting held earlier today recommended a dividend of 200 per cent or Rs. 20/- per share on 13,00,000 Equity Shares of Rs.10/- each subject to approval of the Shareholders at the forthcoming Annual General Meeting of the Company.”

Benares Hotels is a Tata Group company that operates its hotels, viz. Taj Ganges and Nadesar Palace in Varanasi and Ginger Hotel, Gondia in Maharashtra. It became a subsidiary of The Indian Hotels Company Limited in 2011.

Benaras Hotels is a micro-cap company with a market capitalization of ₹ 575 crores. It has a high return on equity of 26.33 per cent and an ideal debt-to-equity ratio of 0.04. Its shares were trading at a price-to-earnings ratio (P/E) of 24.58, which is lower than the industry P/E of 37.42, indicating that the stock might be undervalued as compared to its peers. The company’s promoters hold a 62.57 per cent stake in it, followed by retail investors with 37.43 per cent



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