Rs 27 dividend: This mid-cap stock has announced the highest ever dividend; the record date is nearing!

Eligibility for receiving a final equity dividend of an impressive Rs. 27 per equity share on the face value of Rs. 10 each for the year 2022-23

In the midst of a global sentiment downturn triggered by Fitch Rating's downgrade of the US sovereign credit grade, India's benchmark stock indices experienced a dramatic plunge of over 1 percent on Wednesday. The market was painted in red as selling pressure engulfed various sectors, with Nifty PSU Bank and Nifty Auto taking a hard hit.

Amidst this sea of red, there's a glimmer of hope as one stock stands out, defying the market's downtrend. Chennai Petroleum Corporation Ltd (CPCL) appears to be relatively outperforming the indices as it is trading up by 0.12 per cent, and it's not by chance.

CPCL, formerly known as Madras Refineries Limited, has an intriguing history. Established in 1965 as a joint venture between the Government of India, AMOCO, and the National Iranian Oil Company, it went through a series of transformations over the years. AMOCO eventually disinvested its equity, making way for the Government of India to become a major stakeholder. Later, the Government transferred its equity to Indian Oil Corporation (IOCL), turning CPCL into a subsidiary of IOCL in 2001.

The company's Manali Refinery boasts a present capacity of 10.5 MMTPA and is responsible for producing a range of essential products like LPG, Motor Spirit, Aviation Turbine Fuel, High-Speed Diesel, and more, which are marketed by its parent company IOCL. CPCL takes pride in marketing several specialty products directly, such as Paraffin Wax, Petrochemical feedstocks, Petroleum Coke, and more.

However, what has investors buzzing is the approaching record date for dividend eligibility. CPCL has fixed August 4, 2023, as the "Record date" to determine members' eligibility for receiving a final equity dividend of an impressive Rs. 27 per equity share on the face value of Rs. 10 each for the year 2022-23. This marks the highest dividend amount ever declared by the company.

But wait, there's more! The fascinating aspect is that CPCL has been consistently paying dividends since 2004. Such a track record of dividend payouts adds a layer of confidence and allure for investors.

Disclaimer: The following information is for informational purposes only and should not be considered as a recommendation to invest in any particular stock or security.