News: Ashok Leyland in its board meeting held yesterday announced an interim dividend of ₹ 4.95/share for FY24E with record date for the same set as April 3rd 2024. The dividend is slated to be paid before 23rd April 2024.
Views: The dividend announced exceed our expectations of ₹ 4.5/share for FY24E (dividend payout ratio assumed at 53% vs. 55% in last year) and offers an attractive dividend yield of ~3% on the current market price. This is a positive development and shall trigger positive price action in company’s share price in near to medium term.
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