The record date for the purpose of determining the entitlement of the equity shareholders for the said dividend, if declared, has being fixed as Thursday, November 5, 2020, it said.
Earlier, on October 14, L&T informed the stock exchanges that a meeting of the board of directors of the Company will be held on Wednesday, 28th October to consider and approve the unaudited financial results of the Company for the quarter and half year ended 30th September 2020.
"The special dividend
could be the long-awaited trigger for the stock; it addresses a key capital allocation issue as it effectively rules out large one-time equity infusion for Hyderabad Metro," wrote Priyankar Biswas tracking the company at Nomura in an October 25 co-aothored note with Neelotpal Sahu.
During July-September quarter (Q2FY21), L&T announced order inflows in the range of Rs 8,500-20,000 crore (ex-services segment) across construction, water effluent, heavy civil infrastructure and defence segments. ICICI Securities expect reasonable execution pick-up sequentially as workers are gradually returning across sites reaching around 80-90 per cent of pre Covid levels during the quarter.
In our view, working capital and cash flow situation will be key monitorables. Consequently, we expect adjusted standalone revenue (ex E&A as discontinued operations) to decline 19.5 per cent to Rs 15,102. Ebitda (earnings before interest, taxes, depreciation, and amortization) is expected to fall 22.2 per cent to Rs 1,208 crore with margin down 30 bps to 8.0 per cent and adjusted profit after tax expected to decline 50.7 per cent to Rs 978 crore, partly due to higher other income and tax adjustments in the base quarter, the brokerage firm said in result preview.
Despite of outperformance in past one week, L&T has underperformed the market by gaining 3 per cent in past three months, as compared to 7 per cent rise in the S&P BSE Sensex. In past one year, the stock has seen one-third of its value erosion, against 4 per cent gain in the benchmark index.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.