The state government has mandated a minimum of 30 percent of net profit, or 5 percent of net worth, whichever is higher, to be a minimum level of dividend declared for shareholders.
In a remarkable set of rules, the Gujarat government has asked listed government-run public sector undertakings undertakings (PSUs), to follow policies of high dividend payout, bonus issues and share buyback if they have excess cash in their books.
Utilties shares slide business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Utilties shares fall business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Utilties stocks were trading in the positive zone, with the S&P BSE Utilities index rising 11.81 points or 0.48% at 2493.74 at 09:50 IST. Among the components of the S&P BSE Utilities index, Gujarat Industries Power Co Ltd (up 5.94%), BF Utilities Ltd (up 3.69%),Rattanindia Power Ltd (up 3.28%),Tata Power Company Ltd (up 3.18%),Adani Power Ltd (up 1.43%), were the top gainers. Among the other gainers were JSW Energy Ltd (up 1.19%), Nava Bharat Ventures Ltd (up 0.95%), Indian Energy Exchange Ltd (up 0.88%), NLC India Ltd (up 0.83%), and NTPC Ltd (up 0.76%). On the other hand, Reliance Infrastructure Ltd (down 2.12%), Reliance Power Ltd (down 1.54%), and Jaiprakash Power Ventures Ltd (down 1.53%) moved lower.