High Promoters Holding Small Cap Stock Sets Record Date For Dividend

Hitech Corporation is a small cap packaging company that recorded a market cap of Rs 381.99 Cr during Thursday's closing session. Hitech Corporation Ltd a BSE/NSE listed company and Hitech Group's largest business, is a leading plastic packaging manufacturer in India. The Board of Directors at its meeting held on Wednesday, May 17, 2023 had recommended a dividend of 10% and for the purpose of the same record date has been announced by the company.

"As intimated earlier, the Board of Directors at its meeting held on Wednesday, May 17, 2023 had recommended a dividend @ Re. 1/- per share (i.e. 10%) on equity shares of face value of Rs.10/- each, subject to the approval of the shareholders at the ensuing 32nd Annual General Meeting ('AGM') of the Company scheduled to be held on Saturday, July 8, 2023.

Pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that the Company has fixed Saturday, July 1, 2023 as the Record Date for ascertaining the eligibility of the shareholders to receive dividend for the financial year ended March 31, 2023 as recommended by the Board of Directors, if approved by the shareholders at the ensuing AGM.

Dividend for the financial year ended March 31, 2023, if approved at the AGM, will be paid on or after Saturday July 08, 2023 and within stipulated time, to those members whose names appear on the register of members of the Company or register of beneficial owners maintained by the depositories as on Saturday, July 1, 2023, subject to deduction of tax at source," said Hitech Corporation in a stock exchange filing.

The company recorded revenue from operations of Rs Rs 128.49 crore during the March 2023 quarter, down by 14.37% from Rs. 150.05 crore recorded in March 2022 quarter. Its net profit stood at Rs. 8.82 crore during Q4FY23 up by 5.76% from Rs. 8.34 crore in Q4FY22. Hitech Corp's earnings per share (EPS) rose from Rs. 4.86 in March 2022 to Rs. 5.14 in March 2023.

On Thursday's closing session Hitech Corporation closed on the NSE at Rs 223 apiece up by 2.69% from the previous close of Rs 217.15. The stock made a 52-week-high of Rs 278.25 on (06-Oct-2022) and a 52-week-low of Rs 151.35 on (31-Mar-2023). During Q4FY23, Hitech Corporation reported promoters shareholding of 74.44%, Govt stake of 0.02% and public stake of 25.54%. The promoters stake of Hitech Corporation at the current level is much higher than its peers such as EPL Ltd, Polyplex Corporation, AGI Greenpac, Uflex, Huhtamaki India, and Garware Hi Tech.