NLC slips ex-dividend

Neyveli Lignite Corporation fell 1.89% to Rs 57.15 at 09:25 IST on BSE as the stock turned ex-dividend today, 26 August 2013, for final dividend of Rs 1.80 per share for the year ended 31 March 2013.

Meanwhile, the S&P BSE Sensex was up 143.24 points or 0.77% at 18,662.68

On BSE, 1,201 shares were traded in the counter as against average daily volume of 42,264 shares in the past one quarter.

The stock hit a high of Rs 57.85 and a low of Rs 57 so far during the day. The stock had hit a 52-week high of Rs 89.90 on 27 September 2012. The stock had hit a 52-week low of Rs 49 on 5 August 2013.

The stock had outperformed the market over the past one month till 23 August 2013, falling 1.27% compared with the Sensex's 8.78% fall. The scrip, however, underperformed the market in past one quarter, falling 10.8% as against Sensex's 5.87% fall.

The mid-cap company has equity capital of Rs 1677.71 crore. Face value per share is Rs 10.

Before turning ex-dividend, the stock offered a dividend yield of 3.09% based on the closing price of Rs 58.25 on Friday, 23 August 2013.

Neyveli Lignite Corporation reported 3.5% fall in net profit to Rs 278.43 crore on 17.1% growth in net sales to Rs 1559.57 crore in Q1 June 2013 over Q1 June 2012.

Neyveli Lignite Corporation said there was exceptional expenditure of Rs 64.57 crore in Q1 June 2013. This includes Rs 62.09 crore towards income tax reimbursement claim pertaining to the earlier years, disallowed by the appeallate authority (APTEL) in respect of KSEB. Decision with regard to further appeal is under consideration, NLC said.

Tamil Nadu-based NLC's principal activities are exploration of lignite mines and power generation.

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