Special Dividend Rs 5/Share For FY 23-24: Agro Chemical Stock Declines 3.17% Today

Small cap company operating in pesticides & agrochemicals sector, Sumitomo Chemical India Ltd shares declined 3.17% in trade today. Board of directors declared interim dividend in the form of special dividend for FY 2023-24 of Rs 5/share of Rs 10 each. Last trading price of Sumitomo Chemical shares on BSE is Rs 402.65 apiece.

The company has a market capitalisation of Rs 20,098.10 crore. Sumitomo Chemical shares soared 2.07% in last 1-week and rallied 8% in last 3-month. Check details below:

Sumitomo Chemical Declares Special Dividend: As per the BSE filing of the company dated February 1, 2024, "We wish to inform you that at the Meeting of the Board of Directors of the Company held today i.e. on Thursday, 1st February, 2024, the Board of Directors has declared an interim dividend in the form of Special Dividend for the F.Y. 2023-24 of Rs 5 per equity share on 499,145,736 equity shares of Rs 10 each which will be paid on or after Tuesday, the 20th February, 2024."

Payment of interim dividend will be made to the Members whose names stand on the Company's Register of Members, on Wednesday, the 14th February, 2024 and to the Beneficial Owner(s) as per the Beneficiary List at the close of business hours on Wednesday, the 14th February, 2024, provided by the National Securities and Depository Limited and Central Depository Services (India) Limited, added the BSE filing of the company.

Sumitomo Chemical Stock Performance & Return: The 52-week high price of Sumitomo Chemical shares on BSE is Rs 482.00 per share and 52-week low price is Rs 371.00 per share, respectively. Sumitomo Chemical shares zoomed 26% in last 3-years, gained 4% in last 2-years, and declined 12% in last 1-year.

Proposal of Winding Up Subsidiary Company: It also informed via regulatory filing today, "We hereby inform you that, at its meeting held today, the Board of Directors has given in-principle approval for winding up/otherwise close down Excel Crop Care (Africa) Limited, the Company's Tanzania-based subsidiary, in which it holds 99.9% of the equity shares. The proposed winding up / closure is subject to legal / regulatory and other processes and procedures under the laws in Tanzania."

Sumitomo Chemical About: Sumitomo Chemical Company Limited (SCC), the parent company of Sumitomo Chemical India Limited was established in 1913 to manufacture fertilizers from sulphur dioxide emitted from smelting operations at the Besshi copper mine in Niihama, Ehime Prefecture, with the aim of solving environmental problems caused by the emissions. The mine was owned by Sumitomo a company which dates back to the 16th Century, according to its official website.

Disclaimer: The stock highlights dividend and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.