Akash Bhanshali Specialty Chemical Stock Sets Record Date For 200% Dividend: Do You Own?

A large-cap firm operating in the specialty chemical business is Gujarat Fluorochemicals Ltd. An Indian chemical company Gujarat Fluorochemicals Limited (GFL) has more than 30 years of experience in fluorine chemistry. Gujarat Fluorochemicals Limited (GFL), a member of the INOXGFL Group, is based in Noida, India. Fluoropolymers, speciality chemicals, wind energy, and renewables are among the group's diverse business segments. GFL is a well-known participant in the markets for fluoropolymers and fluoro specialities with three manufacturing sites in India, a captive fluorspar mine in Morocco, offices and warehouses in Europe and the United States, and a global marketing system.

On Monday, the company said in a stock exchange filing that "Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'), we would like to inform you that the Company has fixed Friday, 22nd September, 2023 as the Record Date for the purpose of determining the Members eligible to receive the Final Dividend of Rs. 2/- i.e. @200% per Equity Shares having face value of Re. 1/- each for the financial year ended 31st March, 2023. The said Final Dividend, if declared, by the Shareholders at the 5th Annual General Meeting, shall be paid within the stipulated time subject to deduction of tax at source as applicable."

Gujarat Fluorochemicals Limited has announced an equity dividend of 400.00% at a face value of Rs 1, or Rs 4 per share, for the financial year ended March 2023. This generates a dividend yield of 0.13% at the current share price of Rs 3045.75. The company has a solid track record of dividend declarations during the past five years. Gujarat Fluorochemicals Ltd. has issued 3 dividends since March 31, 2022, according to Trendlyne statistics.

In Q1FY24, the firm recorded a net income of Rs. 1223.82 crore, a drop of 10.02% YoY from Q1FY23's net income of Rs. 1360.17 crore. Its net profit for the first quarter of FY24 was Rs 201.15 crore, down 34.32% from the Rs 306.26 crore recorded for the same period in FY23. The firm reported an EPS of Rs. 18.31 for the period that ended on June 30, 2023, down from Rs. 27.62 for the period that ended on June 30, 2022.

In its research report, ICICI Securities recommends a buy rating for Gujarat Fluorochemicals with a target price of Rs 3570.
During Q1FY24, ace investor Akash Bhanshali held 52,19,505 shares in Gujarat Fluorochemicals which is a 4.75% stake of the total paid-up capital of the company.