Coforge share price drops 4% as ex-dividend date kicks in; details here

Shares of Computers - Software & Consulting firm Coforge slipped 3.89 per cent to the intra-day low of Rs 8,406 on the National Stock Exchange (NSE) during intra-day trade on Thursday, January 30, 2025. The drop in the company's share price aligns with the dividend announcement it has made for its shareholders, as the company's shares trade ex-dividend today.

 

Earlier, in an exchange filing dated January 23, Coforge informed that its Board has declared a third interim dividend of Rs 19 per equity share of the company, having a face value of Rs 10 each fully paid-up, for the financial year 2024-25. The record date, the company said, is also set for today, January 30, for the purpose of ascertaining the eligibility of shareholders for payment of the third interim dividend.

 

The payment of the interim dividend, as per the filing, would be done within 30 days from the date of declaration. Coforge has a strong history of rewarding its shareholders with dividends. NSE data shows that in 2024 alone, the company announced interim dividends of Rs 19 each on four different occasions. Similarly, in 2023, Coforge paid a total dividend of Rs 76, declaring Rs 19 per share on four different occasions.

 

At the current market price, Coforge has a dividend yield of 0.90 per cent.

 

Originally incorporated as NIIT Technologies, Coforge is a global digital services and business solutions provider with in-depth domain expertise, specialising in selected industry verticals. The company delivers services worldwide directly and through its network of subsidiaries and overseas branches. Presently, Coforge provides Information Technology solutions and is engaged in Application Development and Maintenance, Managed Services, Cloud Computing, and Business Process Outsourcing across various sectors.

 

The Computers - Software & Consulting company boasts a market capitalisation of Rs 56,529.94 crore on the NSE and is a constituent of the Nifty IT index.

 

Coforge shares scaled their 52-week high of Rs 10,026.80 on December 30, 2024, on the NSE, while the 52-week low was recorded on May 9, 2024, at Rs 4,287.25.

 

The IT company's shares have yielded a return of 33 per cent in the last six months, while in the past one year, they have offered a return of around 35 per cent to shareholders.

 

At around 12:33 PM on Thursday, Coforge shares were quoted trading at around Rs 8,439.95 apiece, down 3.30 per cent from their previous close of Rs 8,746.55 on the NSE. In comparison, the Nifty IT index was also trading lower by 0.66 per cent at around 42,631 levels.

 

Nearly 0.22 million equity shares of Coforge, estimated to be worth around Rs 180.92 crore, have traded hands on the BSE and NSE.

 

Meanwhile, the benchmark equity indices were trading higher on Thursday, with Nifty at around 23,277 levels, up 0.49 per cent, and the 30-share Sensex trading higher by 291 points at 76,824 levels.