Dividend, Bonus & Stock Split: SBI Cards, Indian Oil Corporation, IRFC Among Stocks Going Ex-Dividend This Week (March 2026)

Last Updated on March 8, 2026 5:48:53 PM by Vivek Makwana

If you are an investor in the Indian stock market, this week is important. Several well-known companies — including SBI Cards and Payment Services, Indian Oil Corporation (IOCL), and Indian Railway Finance Corporation (IRFC) — are going ex-dividend, ex-bonus, or ex-split this week. Knowing these dates is crucial because missing the ex-dividend date by even one day means you will not receive the dividend payment.

In this article, we cover every stock going ex-dividend this week, explain each corporate action in simple terms, and share what investors should watch out for.

⚡ Quick Tip: To receive a dividend, you must buy the stock at least 1 trading day before the ex-dividend date. Buying on or after the ex-dividend date means you will not qualify for that payout.

📅 Quick Reference: All Corporate Actions This Week

Here is a summary table of all stocks scheduled for corporate actions this week:

Note: Always verify record dates and amounts on the official NSE/BSE website before making investment decisions.

📖 What Is Ex-Dividend Date? (Explained Simply)

Understanding the ex-dividend date is essential for any investor who wants to earn dividend income from stocks.

Ex-dividend date is the cutoff date set by a company to determine which shareholders will receive the upcoming dividend. Here is how it works:

• If you own the stock before the ex-dividend date → You receive the dividend
• If you buy the stock on or after the ex-dividend date → You do NOT receive the dividend
• The new buyer after the ex-date gets the shares but NOT the current dividend

Record Date vs Ex-Dividend Date: The record date is when the company checks its shareholder register. Since Indian stock markets follow T+1 settlement, the ex-dividend date is usually the same as the record date.

📌 Example: If SBI Cards sets March 11 as the record date, you must hold the stock before the market opens on March 11 to qualify for the ₹2.50 per share dividend.

💰 Stocks Going Ex-Dividend This Week

1. SBI Cards and Payment Services — Rs2.50 Interim Dividend

SBI Cards is one of India’s leading credit card companies and a subsidiary of State Bank of India. The company has declared an interim dividend of Rs2.50 per share for this financial year.

• Record Date: March 11, 2026
• Dividend Amount: Rs2.50 per share
• Type: Interim Dividend

SBI Cards has a history of rewarding shareholders through regular dividend payouts, making it a popular choice among dividend investors. If you hold 100 shares, you will receive ₹250 as dividend income.

2. Indian Oil Corporation (IOCL)

Indian Oil Corporation is India’s largest state-owned oil and gas company. IOCL is well known for distributing generous dividends, especially when oil prices are favorable and refining margins are strong.

• Sector: Energy / Oil & Gas (PSU)
• IOCL typically pays both interim and final dividends every financial year
• Check NSE/BSE for the confirmed amount and record date

IOCL has consistently been among the top dividend-paying PSU stocks in India, making it a favorite among income investors.

3. Indian Railway Finance Corporation (IRFC)

IRFC is the dedicated market borrowing arm of Indian Railways and a popular PSU stock. It regularly distributes dividends to its shareholders.

• IRFC is categorized as a ‘Maharatna’ PSU company
• Regular dividend payer with stable, government-backed revenue
• Ideal for conservative, income-focused investors

Given that IRFC’s revenues are backed by the Government of India, it offers a relatively low-risk dividend income source.

4. Balmer Lawrie & Company — Rs4.25 Interim Dividend

Balmer Lawrie is a diversified PSU with operations in logistics, industrial packaging, lubricants, and travel services. The company has declared an interim dividend of Rs4.25 per share.

• Dividend Amount: Rs4.25 per share
• The company has a strong track record of rewarding shareholders

5. Mangalore Refinery and Petrochemicals (MRPL) — Rs4 Dividend

MRPL, a subsidiary of ONGC, is one of India’s major oil refining companies. The company has announced a dividend of ₹4 per share this week.

• Dividend Amount: Rs4.00 per share
• MRPL’s dividends typically reflect its profitability and refining margins

6. Axtel Industries — Rs12 Dividend

Axtel Industries has declared a dividend of Rs12 per share, which is notably high for a mid-cap company. This is a significant payout that income investors should not miss.

• Dividend Amount: Rs12.00 per share
• High dividend yield relative to its share price

7. Sun TV Network — Board to Consider Interim Dividend

Sun TV Network, one of India’s largest media conglomerates, is scheduled to hold a board meeting this week to consider declaring an interim dividend. The exact amount will be announced after the meeting.

• Watch for the official announcement after the board meeting
• Sun TV has been a consistent dividend payer in the media sector

🎁 Companies Issuing Bonus Shares This Week

Bonus shares are free additional shares given to existing shareholders in proportion to their holdings. They do not cost anything to the investor and reflect the company’s confidence in its financial strength.

Cupid Limited — 4:1 Bonus Issue

Cupid Limited has announced a generous 4:1 bonus share issue, meaning shareholders will receive 4 additional free shares for every 1 share they currently hold.

• Bonus Ratio: 4:1
• If you hold 100 shares → you will receive 400 additional shares (total: 500 shares)
• The share price will adjust downward proportionally after the bonus issue

Bonus issues do not change the total value of your investment immediately but increase the number of shares you hold, which can be beneficial for long-term investors.

Frontier Springs Limited — 2:1 Bonus Issue

Frontier Springs has announced a 2:1 bonus issue, giving shareholders 2 additional free shares for every 1 share they own.

• Bonus Ratio: 2:1
• If you hold 100 shares → you will receive 200 additional shares (total: 300 shares)

💡 Key Point: Bonus shares increase the number of shares in the market, which can improve liquidity and make the stock more accessible to smaller investors over time.

✂️ Stock Splits This Week

A stock split reduces the face value of each share and increases the number of shares proportionally. It does not change the total market capitalization but makes shares more affordable for retail investors.

TANFAC Industries — Split from Rs10 to Rs5 Face Value

TANFAC Industries is splitting its shares from a face value of Rs10 to Rs5. This means for every 1 share of Rs10 face value, you will receive 2 shares of Rs5 face value.

• Old Face Value: Rs10 per share
• New Face Value: Rs5 per share
• Split Ratio: 1:2 (number of shares doubles)

Hindusthan Urban Infrastructure — Split from Rs10 to Rs2 Face Value

Hindusthan Urban Infrastructure is doing a more aggressive split, reducing its face value from Rs10 to Rs2, which means your shares will multiply by 5.

• Old Face Value: Rs10 per share
• New Face Value: Rs2 per share
• Split Ratio: 1:5 (number of shares becomes 5x)

Stock splits generally increase trading volumes as the lower per-share price makes the stock more accessible to a larger number of investors.

📈 Why Do Ex-Dividend Dates Matter for Investors?

Ex-dividend dates are closely watched by three types of investors:

1. Income Investors

Long-term investors who hold dividend-paying stocks build a steady stream of passive income. Tracking ex-dates ensures they never accidentally miss a payout by buying too late.

2. Short-Term Traders

Some traders buy stocks just before the ex-dividend date to capture the dividend, then sell after. This is called a “dividend capture strategy.” However, the share price typically drops by approximately the dividend amount on the ex-date, so this strategy needs careful execution.

3. Retail Investors Building Wealth

For first-time investors in India, PSU stocks like IOCL and IRFC offer a combination of capital appreciation and regular dividend income — making them a popular starting point for wealth building.

⚠️ Important Things Every Investor Must Know

• Dividends are not guaranteed — companies can reduce or skip payouts based on profitability
• Share prices often drop by approximately the dividend amount on the ex-dividend date
• Dividends above Rs5,000 per year from a single company are subject to TDS (Tax Deducted at Source) in India
• Bonus shares and stock splits do not immediately increase your wealth — they only change the number and price of shares
• Always verify ex-dates and corporate action details on the official NSE (nseindia.com) or BSE (bseindia.com) websites
• Consult a SEBI-registered financial advisor before making any investment decisions

❓ Frequently Asked Questions (FAQs)

Q1: What happens to the share price on the ex-dividend date?

The share price typically opens lower by approximately the dividend amount on the ex-dividend date. This is a normal market adjustment and does not mean the stock is falling.

Q2: Can I sell my shares after buying them before the ex-dividend date and still get the dividend?

Yes! In India, with T+1 settlement, if you buy shares before the ex-dividend date and sell them on or after the ex-date, you still qualify for the dividend.

Q3: Are dividends taxable in India?

Yes, dividends are taxable as income in the hands of the investor as per their income tax slab. If your dividend income from a company exceeds Rs5,000 in a financial year, the company deducts 10% TDS.

Q4: What is the difference between a final dividend and an interim dividend?

Interim dividend is declared during the financial year before the accounts are finalized. Final dividend is declared at the end of the financial year after accounts are audited and approved by shareholders at the AGM.

Q5: Do bonus shares affect my cost of acquisition?

Yes. When you receive bonus shares, your average cost of acquisition per share reduces because you now have more shares at the same total cost. This affects your capital gains calculation when you sell.

✅ Conclusion

This week, several prominent Indian companies including SBI Cards, Indian Oil Corporation, and Indian Railway Finance Corporation are announcing dividends, bonus shares, and stock splits. These corporate actions can be valuable opportunities for investors — but timing is everything.

Always buy before the ex-dividend date to qualify for payouts, verify all details on NSE or BSE, and factor in tax implications on your dividend income.

Staying informed about these events is a simple but powerful habit that can meaningfully boost your investment returns over time.

📢 Disclaimer: This article is for educational and informational purposes only. It is not financial advice. Please consult a SEBI-registered investment advisor before making any investment decisions.

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