Multibagger Debt Free Stock Hit All-Time High After Declaring 150% Dividend

Manaksia is a small cap company that deals in iron & steel products. The stock opened today at Rs 179.95 apiece and went on to hit all-time high of Rs 185 which is also its fresh 52-week-high logging an intraday gain of 5%. To its eligible shareholders, the company has declared a final dividend of Rs 3 per share, however the record date would be announced later according to a statement filed on the exchanges by Manaksia.

The Board of Directors have "Recommended Final Dividend @ 150% (i.e. Rs. 3.00/- per equity shares having face value of Rs. 2/- each) on the equity shares of the Company for the Financial Year 2022-23 for the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company and the dividend will be paid within thirty days from the date of AGM provided the same is approved by the shareholders of the Company. The record date and the date of AGM for the year ended 31 March 2023 shall be informed in due course," said Manaksia in a stock exchange filing.

The company reported that compared to the prior quarter, its consolidated net profit jumped by about 20% to Rs 38 crore in the March 2023 quarter. For the quarter that concluded on December 31, 2022, it was Rs 31 crore. From Rs 31 crore in Q3FY23 to Rs 33 crore in Q4FY23, the company's total income climbed by almost 8%. In comparison to the same quarter in 2022, its total expenses increased slightly, to Rs 266 crore from Rs 262 crore. The company recorded a consolidated net profit of Rs 107 crore for the entire FY23, which is lower than the Rs 186 crore it reported in the previous financial year or FY22.

Manaksia shares touched a 52-week-low of Rs 68.35 on (21/06/2022), indicating that after hitting an all-time high today the scrip was seen trading 168% above the 1 year low at the current market price. During Q4FY23, the company reported promoters shareholding of 74.93%, FIIs stake of 1.42% and public stake of 23.64%. As per the data of Trendlyne, Manaksia is a debt-free company which has a Price to Earning Ratio of 11.3, lower than its sector PE ratio of 84.7.