Shares of tobacco-to-hospitality group ITC extended gains from the previous session, inching up 1.3% in early trade on May 30, a record date for its FY23 dividend.

CMD Sanjiv Puri told The Hindu on May 29 that the company’s plan to demerger its hotel business, which was put on hold due to the Covid pandemic, may resume this year and proceed with the industry’s recovery. He also hinted at the possibility of the Infotech business being demerged but said the timing would be a key factor.

Earlier this month, ITC Limited reported a 21.4% year-on-year rise in stand-alone net profit to Rs 5,086.9 crore in the March quarter. Its operating income, excluding excise duty, also rose 5.6% to Rs 16,398 crore, beating the forecasts of several analysts.

On May 30, ITC declared a final dividend of Rs 6.75 per share and a special Re 1 dividend of Rs 2.75 per share for the quarter ending March 2023.

The group declared an interim dividend of Rs 6 crore in February 2023. The total dividend for the financial year ending March 31, 2023, is Rs 15.50 per Re 1 ordinary share. Dividends are due on or before August 17 to eligible shareholders.

Brokers said that positive financial results and a dividend announcement boosted the stock’s sentiment. The company’s diversified business segments, which include cigarettes, FMCG, hotels and agribusiness, continued to perform well, contributing to its overall growth.

ITC shares hit an all-time high of Rs 451.75 on Monday and closed at Rs 449.10. The stock was trading at Rs 445.55 at 10:55 am on Tuesday.