Rs 157/Share Dividend: Small Cap Stock Sets Record Date For 1570% Payout

Small-cap firm Stovec Industries operates in the industrial industry. For the packaging and graphic printing sectors, Stovec manufactures electroformed goods under the non-textile category. The company has declared a one-time special interim dividend of 1570% for FY23 and for the purpose of the same record date has been finalized.

"The Board of Directors at their meeting held on today i.e. August 10, 2023 have, inter alia, approved declaration of one-time special dividend (interim dividend) of Rs. 157 per equity share of Rs. 10/- each (i.e. 1570 %) for the financial year 2023 on the occasion of 50th anniversary of the Company. Such dividend will be paid to the eligible members who hold the shares on the record date i.e. August 21, 2023 and the payment will be made on or before its due date," said Stovec Industries in a stock exchange filing.

In the quarter that ended in June 2023, the firm reported net sales of Rs 57.25 crore, a 10.99% YoY drop from the Rs 64.32 crore that was reported in the quarter that ended in June 2022. The firm generated a net profit of Rs. 2.02 crore in Q1FY24, down from Rs. 12.54 crore in Q1FY23 by a yearly percentage of 83.92%. Its EBITDA dropped by 60.72% YoY to Rs. 4.12 crore in the quarter under review from Rs. 10.49 crore in the year-ago quarter. From Rs. 60.06 in June 2022 to Rs. 9.65 in June 2023, Stovec Ind. EPS has declined.

On Friday, the shares of Stovec Industries opened on the BSE at Rs 2540. While writing this copy the stock was trading at Rs 2499.45 apiece down by 0.98% from the previous close of Rs 2524.10. The stock made a 52-week-high of Rs 2,900.00 on (29/08/2022) and a 52-week-low of Rs 1,810.00 on (29/03/2023). During Q1FY24, the company recorded promoter shareholding of 71.06%, DIIs stake of 0.05% and public stake of 28.89%