Chemical Stock Declares Big Update On Rs 5 Interim & Rs 3 Special Dividend For FY24: Buy?

As of Thursday's closing session, Navin Fluorine International Limited has a market capitalization of Rs 15,167.77 Cr, making it a mid-cap company in the chemical industry. The chemical stock announced a major update on the Rs 5 interim & Rs 3 special dividend for FY24, and it ended the last trading session on March 7, 2024, 1.12% higher at Rs 3059.35 on the BSE. NFIL, or Navin Fluorine International Ltd., is a reputable and sizable speciality fluorochemical firm in India. NFIL, which was founded in 1967, is the operator of one of India's largest integrated fluorochemical complexes, having production sites in Dewas, Central India, and Surat, Western India. The Navin Research Innovation Centre (NRIC), its R&D facility, is situated in Surat, India.

Navin Fluorine International FY24 Dividend Update

"As you are aware, Navin Fluorine International Limited ('the Company') has paid an Interim dividend of Rs 5/- per equity share of face value of Rs 2/- each plus a Special Dividend of Rs 3/- per equity share of the face value of Rs 2/- each to commemorate the centenary birth year of the founder Shri. Arvind Mafatlal, for the Financial Year 2023-2024. Interim and Special Dividend for the Financial Year 2023-2024 has been paid on November 28, 2023 as declared by the Board of Directors of the Company at its Meeting held on October 31, 2023," said the company in a stock exchange filing on March 7, 2024.

"Pursuant to the Income-tax Act, 1961, as amended by the Finance Act, 2020 and our communication dated October 31, 2023, the Company has deducted tax at source ('TDS') while making payment of the aforesaid Interim and Special Dividend at the prescribed rates only in respect of those shareholders whose dividend income exceeded the threshold limit during the said Financial Year and upon non-receipt of the valid exemption Form. In this regard, TDS Certificate in Form No. 16A can be downloaded from https://ris.kfintech.com/clientservices/tds/, the website of the Company's Registrar and Transfer Agent viz. KFin Technologies Limited ('KFinTech'). This link will be available upto August 30, 2024 to download the TDS certificate. Post this date, you may write to KFinTech at [email protected] for obtaining the TDS Certificate. Further, you will also be able to view the credit of TDS in Form 26AS, which can be downloaded from your e-filing account at https://www.incometax.gov.in. All future communications in this regard may kindly be addressed to:

KFin Technologies Limited
Unit: Navin Fluorine International Limited
Selenium Tower B, Plot No. 31 & 32, Gachibowli,
Financial District, Hyderabad 500032, India
Phone No. [phone] / 1800 309 4001
Fax: [phone]
E-mail ID: [email protected]," Navin Fluorine International further stated in the BSE filing.

Navin Fluorine International News

Recently on March 01, 2024 Mr. Sandeep Mandot was appointed as Vice President - Corporate Head - HSE & Sustainability w.e.f. March 01, 2024 by the Board of Directors of the company.

"Consequent to the appointment of Mr. Mandot, Mr. Gyanchand Jain, who had, in the interim, assumed additional responsibilities of HSE and Sustainability, shall ensure smooth handover and transition to Mr. Mandot. Mr. Jain will continue as President - Strategy," the company said in a regulatory filing.

Mr. Mandot graduated from Karnataka Regional Engineering College with a B.E. in Chemical Engineering. He also possesses a P.G. Diploma from Technical Board, Ankleshwar, in Industrial Environmental Technology and Management, as well as a P.G. Diploma in Industrial Safety. He has worked for organisations like PI Industries Limited, Wockhardt Limited, and Jubilant Organosys Limited for more than 26 years, giving him extensive knowledge in the fields of EHS and sustainability compliance and reporting. Lead EHS at PI Industries Limited was his last position.

Navin Fluorine International Share Price Target

Navin Fluorine is sideways to bearish with strong resistance at 3128 on the Daily charts. A daily close above this resistance could lead to a target of 3330 in the near term. Support will be at 2980, said AR Ramachandran from Tips2trades.

Disclaimer

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