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The Board of Directors of Castrol India Limited, at a meeting held today, declared a second interim dividend of Rs 3 per equity share for the financial year ended December 31 2019. Concurrently, the Board recalled the earlier recommended final dividend of R 3 per equity share for the same period (2018 final dividend INR 2.75 per equity share).
R Gopalakrishnan, Chairman of Board of Directors after the meeting said, "Castrol India has always valued the enduring relationship it has with its investors. These are extraordinary times which require organizations to take extraordinary measures in order to support various stakeholders."
This second interim dividend is in addition to the previously declared interim dividend of Rs 2.50 per equity share (2018: interim dividend Rs 2.25 per equity share) for the financial year 2019.
The delay of the 42nd Annual General Meeting of the Company from April to July due to the nationwide lockdown due to the COVID-19 pandemic has impacted many shareholders. The Board took this decision to pay an interim dividend during these unprecedented times to help release payment earlier to the shareholders.
In other recent Castrol India news, Castrol India partnered with various NGOs to help distribute emergency supplies and equipment to government hospitals across Maharashtra, Telangana, Uttar Pradesh, Tamil Nadu, Karnataka, Delhi, Chhattisgarh and Haryana. The company is also distributing groceries to migrant daily wage workers and food to stranded truck drivers at various transportation stations.
Its outreach programs will offer partial cover for any COVID-19 related medical expenses to the truck drivers and their families during this pandemic. The company has plans to meet the requests of the customers, with whom they are in touch with through virtual channels.
On the other hand, Tata Motors has been supporting the transport ecosystem to ensure all necessary supplies remain uninterrupted and seamless, across the country. This was done by closely working with truck drivers, small transporters, mid-size transport operators and fleet owners amidst the COVID-19 Pandemic. During the lockdown, a dedicated, 24x7 helpline 1800 209 7979 was set-up for truck drivers and transporters across the country.
Thoughts About Castrol Announcing Second Interim Dividend
The second interim dividend of Castrol has gone up by Rs .25, which is a good thing for the auto industry. Also, during such a global crisis, it is good to see that various manufacturers have come ahead and extended a helping hand to help our government fight against the COVID-19 crisis.