SRF Shares Rally Despite Below-Estimate Q3 Results; Declares Interim Dividend

SRF embarked on a positive trajectory in the Wednesday (January 31, 2024) trading session, showing resilience despite the multi-business chemicals conglomerate reporting below-estimate results a day earlier. The company witnessed a 50 percent decline in consolidated profit, and its revenue from operations also slipped by 12 percent YoY.

In a strategic move, SRF declared an interim dividend of 36%, amounting to Rs. 3.60 per share on the paid-up equity share capital, on Tuesday. The record date for the dividend is set for February 7, 2024, Wednesday, with the dividend scheduled for payment on February 28, 2024, Wednesday.

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While acknowledging the current challenges, the company expressed optimism about an improved performance in the chemicals business during the January-March quarter. SRF is confident of achieving a significantly improved overall performance in Q4.

As of 1:41 pm, SRF shares continued their positive momentum, trading 3.95 percent higher at ₹2,310.05.