1:1 Bonus Shares, Rs 3.30 Dividend: 19 July & 05 July Record Dates; Buy In Rs.255-265 Price Range

The largest contract texture paint firm in India for a single brand is Siddhika Coatings. Siddhika is the marketing and application partner for SK Kaken Ltd., a Japanese company with over ten offices across India, including Mumbai, Bengaluru, Hyderabad, Kolkata, and Chennai, with its headquarters located in New Delhi. Having worked with SKK for over 20 years, Siddhika is a well-known brand in the architectural coatings, supplies, and application industry.

Siddhika Coatings Bonus Shares & Dividend

The Board of Directors of the company has fixed 05 July 2024 as the record date for Rs 3.30/- per equity share dividend while the Board additionally fixed 19 July 2024 as the record date for the purpose of a bonus issue of equity shares in the proportion of (One) equity share of Rs 10/- each for every (One) equity share of Rs 10/- each held by the equity shareholders of the company as on the record date fixed by the company, according to a regulatory filing.

"Pursuant to SEBI (ICDR) (Second Amendment) Regulations, 2023 effective from 23.05.2023, the allotment of shares in bonus issue shall be made only in dematerialized form and thus, all the eligible members of the Company holding equity shares in physical mode are hereby advised to dematerialize their physical share certificates by contacting their respective Depository Participant (DP) on or before the Record Date for receipt of bonus equity shares in their respective beneficiary accounts. In case, shares of the Company are held in physical form as on the Record Date, the bonus equity shares so entitled, shall be transferred to the Suspense Account opened by the Company in this regard," Siddhika Coatings informed stock exchanges as a note for physical shareholders.

Siddhika Coatings Financials

The firm generated revenue from operations of Rs 39.09 Cr on a consolidated basis in FY24, up from Rs 34.07 Cr in FY23. In FY24, the company's expenses were Rs 32.02 Cr, up from Rs 29.10 Cr in FY23. Compared to Rs 3.77 Cr in FY23, Siddhika Coatings achieved a net profit of Rs 5.03 Cr in FY24.

"This is to inform that Board of Directors has approved the appointment of Ms Pooja Agrawal as Whole time Company Secretary, KMP and Compliance officer of the company. Based on the recommendations of Nomination and Remuneration Committee meeting, Ms. Pooja Agrawal is a member of Institute of Company Secretaries of the company and having ACS No. 68645 and requisite qualification to hold position of the Whole time Company Secretary, KMP and Compliance officer of the company," Siddhika Coatings said in a regulatory filing on May 27, 2024.

Siddhika Coatings Share Price Target

"India's Largest Single Brand Paint Contract Company Siddhika Coatings Limited, is currently trading with an RSI of 59. This movement suggests the stock is nearing its overbought condition. The small-cap stock has a PE of 16.73, higher than the average sector PE of 15.26. The company's financial standing and performance may have added to its current market momentum. For instance, the stock has delivered a one-year return of 41.93% along with a dividend yield of 1.1%. Those interested in this stock may consider buying in the Rs.255-265 price range, for a targeted price of Rs.290/305/320/335/350. I recommend holding this stock for 2-30 days while maintaining a stop loss of Rs. 245," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Disclaimer

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