ONGC only winner on Nifty, Sensex on a falling market on the date of registration of the dividend

Shares of ONGC gained almost 3% to 166.50 rupees per share in Tuesday’s intraday trading on BSE as markets corrected almost 2% in early trade. This oil and gas stock was also the only counter to trade positively as Nifty slipped below 16,900 and the Sensex lost almost 1,200 points in the opening trade. As of 10:30 a.m., the major indices were trading with a loss of more than 1.5% at 16,944.15 and 788.46.

On February 11, the board of ONGC announced an interim dividend of Rs 1.75 per share to eligible shareholders. The record date for determining the names of shareholders is today, February 22.

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Eligible shareholders will receive a dividend no later than March 12, the company announced when declaring the 2nd interim dividend for the 2021-22 financial year. Between August 2001 and February 2022, the company announced a dividend 38 times.

Meanwhile, all other stocks were trading in the red on Nifty and the Sensex with TCS, BPCL, Coal India, UPL, Bharti Airtel, Tata Steel Power Grid and Dr Reddy’s falling the most.

“The market is seeing a sharp reduction in early trade in Tuesday’s trading session due to intense geopolitical tension. We are in the monthly F&O expiry week, so we could see an increase in volatility, so that March is going to be a very volatile month due to many events such as geopolitical uncertainty, national election results, US Fed meeting, etc.,” said Parth Nyati, Founder of Tradingo.

He suggested investors view this correction as a buying opportunity.