Shares of Tata Steel slipped by over 3% to Rs 962.90 in
intraday trade on Wednesday as the stock turned ex-dividend ahead of the record
date for the final dividend payment on June 16.

For the financial year 2021-22, the company board of
directors recommended a Rs 51 final dividend per equity share.

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“Recommended a dividend of Rs 51 per share to the
shareholders of the company for the Financial Year ended March 31, 2022.
Further, in respect of the outstanding partly paid-up Ordinary Shares of the
Company on which call money remains unpaid as on the date of book closure for
the dividend payment, the dividend will be paid in proportion to the amount
paid-up on such shares, i.e., Rs 12.75 per partly paid-up Ordinary Share of Rs
10/- each (paid-up Rs 2.504 per share) (510%),” the company said in an exchange
filing earlier.

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Tata Steel in a filing said, “The final dividend, if
approved by the Members of the Company at the AGM, will be paid on and from
Saturday, July 2, 2022”.

According to stock exchange data, the stock of Tata Steel
was up 2% at Rs 963.50 (adjusted to final dividend) after hitting a high of Rs
974.15 in intra-day trade on BSE. The stock hit a 52-week low of Rs 951.50 in
intra-day trade.

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Tata Steel is a large-cap company operating in the metals
sector with a market cap of Rs 121,716.35 crore.

The stock gave a 3-year return of 98.52% as compared to a
33% return in Nifty50 and 70% in Nifty Metal.

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Tata Steel had reported a 46.83% year-on-year (YoY) rise
in net profit at Rs 9,756.20 crore for the quarter ended March 31, 2022. The
company had reported a profit of Rs 6,644.15 crore in the year-ago period.

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Revenue from the operations increased 38.6% YoY to Rs
69,323.5 crore in the March quarter of 2022 from Rs 50,029.37 crore in the same
quarter last year.