Rs 10/Share Dividend: Record Date On 15th March; Buy Specialty Chemical Stock?

As of Thursday's closing session, India Gelatine and Chemicals Limited has a market capitalization of Rs 303.34 Cr, making it a small-cap company in the chemical industry. India Gelatine & Chemicals Ltd. (IGCL) deals in the business of producing gelatine of the highest calibre in its cutting-edge facility located in Vapi, Gujarat. Due to IGCL's exceptional product line, which is suitable for consumption in halal and international markets, exports to the USA, the EU, Japan, Korea, Middle Eastern nations, and Indonesia, among other places, have become possible. At Rs 427.70 a share, the stock ended the last trading session on March 7th, up 4.71%. 20/09/2023 saw the scrip achieve a 52-week high of Rs 439.70, while 16/03/2023 saw a 52-week low of Rs 211.25.

India Gelatine and Chemicals Dividend

"We would like to inform that the Board of Directors at its meeting held today i.e. March 06, 2024 at 11.00 A.M. has inter-alia considered and declared an Interim-Dividend @ 100% (Rs 10.00 per fully paid up equity share of Rs 10 /-each) for the Financial year 2023-24. Further pursuant to the provisions of Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Friday, March 15, 2024 has been fixed as 'Record Date' to determine the list of eligible members for the payment of Interim Dividend. The interim dividend will be paid within stipulated timelines as prescribed under law," said India Gelatine and Chemicals in a stock exchange filing dated March 06, 2024.

India Gelatine and Chemicals Financials

The company reported standalone net sales of Rs 47.85 crore in the December 2023 quarter down 15.14% from Rs. 56.39 crore in the December 2022 quarter. Its net profit stood at Rs. 7.81 crore in Q3FY24 up 1.84% from Rs. 7.67 crore in Q3FY23. Its EBITDA reached Rs. 10.12 crore in the reporting quarter down 11.85% from Rs. 11.48 crore in the same quarter of the previous fiscal.

India Gelatine and Chemicals Share Price Target

India Gelatine is bullish but also overbought on the Daily charts with next resistance at 443. Investors should book profits at current levels as a Daily close below support of 416 could lead to a target of 373 in the near term, said AR Ramachandran from Tips2trades.

Disclaimer

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