In yet another sign that companies are flush with cash, as many as 42 of them have announced they will be paying interim dividends for 2004-05, in the current month.
Eighteen of the firms have already declared how much they will pay, while the boards of 24 companies are scheduled to meet this week to declare their interim dividends. In October last year, 24 companies declared interim dividends.
Data complied by the Business Standard Research Bureau from statements made to the Bombay Stock Exchange and the National Stock Exchange show the interim dividends range between 8 per cent and 300 per cent.
Leading the pack, of course, are the information technology majors. Tata Consultancy Services has declared a 300 per cent maiden interim dividend for 2004-05. TCS was listed on August 25.
Infosys Technologies and Satyam Computer have each announced a 100 per cent interim dividend. HCL Infosystems has declared a 70 per cent interim dividend while HCL Technologies and Sonata Software have scheduled board meetings to consider paying dividends.
Pharmaceutical company Ranbaxy Laboratories declared a 50 per cent interim dividend, while MRF has declared a second interim (and final) dividend of 30 per cent, taking the total for the current year to 60 per cent.
Reliance Energy has announced an 11 per cent dividend, while Ingersoll-Rand and Porritts and Spencer have each announced a 30 per cent dividend for 2004-05.
Dabur, Foseco, GE Shipping, GlaxoSmith Consumer, Godrej Consumer Products, Ipca Lab, Jindal Steel, Monnet Ispat, Navneet Publications, Sundaram Clayton, Sundram Fasteners and TVS Motors have also called board meetings to consider paying interim dividend.
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