100% Dividend Declared: Friday, 12th April Fixed As Record Date; Buy The IT Stock To Be Eligible?

As of Wednesday's closing session, Mold-Tek Technologies, a small-cap IT company, has a market value of Rs 670 Cr. Leading manufacturing design firm Mold Tek Technologies provides services like BIW fixture design and steel detailing all around the world. With its headquarters located in Cumming, Atlanta, GA, Moldtek Technologies is a global partner in engineering and technology solutions. has more than 22 years of experience offering engineering services in an array of sectors, such as pre-engineered metal buildings, manufacturing design, construction, BIM, utilities, telecom, and automotive BIW. Mold-Tek Technologies' shares wrapped up 6.77% higher on the BSE on Wednesday at Rs 235.65 a share following the Board of Directors' approval of a 100% dividend payment.

Mold Tek Technologies Dividend

This is to inform you that the Board of Directors ("Board") of the Company at its meeting held today i.e. 3rd April, 2024, have, inter-alia, considered and "Declared an Interim Equity Dividend for the Financial Year 2023-24 @ 100% i.e. Rs 2.00/- per equity share on face value of Rs 2.00/- per equity share. As intimated vide our letter dated 29th March, 2024, the record date for reckoning the list of equity shareholders who will be entitled to receive the said interim equity dividend shall be Friday, 12th April, 2024. The interim dividend will be paid to such shareholders on or before Thursday, 2nd May, 2024," said Mold Tek Technologies in a regulatory filing on Wednesday.

Mold Tek Technologies Financials

The company's revenue from operations on a stand-alone basis climbed 2.9% to Rs. 37.53 crore in the December 2023 quarter from Rs. 36.47 crore in the same quarter of 2022. In Q3FY24, the company's net profit was Rs. 6.95 crore, a 23.99% drop from Rs. 9.14 crore in Q3FY23. EBITDA dropped 16.3% from Rs. 13.50 crore in the corresponding quarter of FY23 to Rs. 11.30 crore in the reporting quarter.

Mold Tek Technologies Share Price Target

"Mold-Tek Technologies Limited, engaged in information technology (IT), civil, structural, and mechanical engineering services, recently witnessed a surge of 30% in three consecutive trading sessions. This development around the company which belongs to a $100M group has created ample buzz in the stock market, garnering attention from traders and investors. However, the IT stock is currently in the overbought zone. This is why, I recommend investors consider investing in it in parts to average the purchase price of nearly Rs. 180 if the stock reaches this range in the next three months. Meanwhile, for swing trading, traders may consider entering positions into this stock above a closing price of Rs. 235, with a target of Rs. 342 and Rs. 250. However, during the holding period, they must follow a strict stop loss at Rs. 210, at least for the short term, to protect gains," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.