@nitin..affect of dividend on future price

Gone through your previous comments where you told that after announcement of dividend future prices seems to be trading at discount but after ex date it will match with spot…
My question here is whether whether all the future price ie current,next and far month future price will be seems to be in discount before ex date or only the current month future will be seems to be in discount…
In case of ceat Ltd . ex divide date is 29.7.17 but future price donot seems to be in discount why.?

July futures of CEAT will expire on 27th July before the ex-dividend date. So no reason for price of July futures to factor in the dividend. But Aug/Sep futures are trading at discount.