Specialty Chemical Stock Hits 52W-High After Declaring Massive Dividend of Rs 22/Share

Small-cap specialty chemical company Styrenix Performance Materials reported a market valuation of Rs 2,338.80 Cr in Friday's closing session. The company is a major Absolac (ABS) and Absolan (SAN) manufacturer in India. The firm offers styrenic solutions for several commonplace products throughout a wide variety of sectors, including automotive, electronics, home, construction, healthcare, packaging, and toys/sports/leisure.

The company has 45 years of pioneering expertise in its domain. On Friday, the shares of Styrenix Performance Materials made a 52-week-high of Rs 1,396.25 apiece during the afternoon deals and closed with an upside gap of 4.29% at Rs 1329.95. The stock experienced an enormous spike as the company announced an impressive interim dividend of 220% for FY24.

Styrenix Performance Materials Dividend

Styrenix Performance Materials said in a stock exchange filing dated 20th October 2023 that its Board of Directors declared an interim dividend of Rs. 22 (i.e. 220 %) per equity share of Rs. 10 each. "The record date for the purpose of determining the members eligible to receive the interim dividend has been fixed as Tuesday, October 31, 2023," said the company in a regulatory filing.

Styrenix Performance Materials Q2 Results

For the second quarter ended on September 30, 2023, the company reported a net income of Rs 598.03 Cr compared to Rs 553.60 Cr during the quarter ended on September 30, 2022. Its net expenses stood at Rs 521.40 Cr during Q2FY24 as against Rs 519.87 Cr in Q2FY23. Styrenix Performance Materials said its EBIT reached Rs 76.63 Cr during the quarter under review compared to Rs 33.73 Cr during the corresponding quarter of the previous fiscal while its net profit stood at Rs 56.42 Cr during Q2FY24 compared to Rs 23.60 Cr reported in the year-ago quarter. The EPS of Styrenix Performance Materials for Q2FY24 was Rs 32.08 per share compared to Rs 13.42 in Q2FY23.

Styrenix Performance Materials Share Price History

On Friday, the shares of Styrenix Performance Materials closed on the BSE at Rs 1329.95 apiece up by 4.29% from the previous close of Rs 1275.20. The stock hit a 52-week-high of Rs 1,396.25 on (20/10/2023) and a 52-week-low of Rs 692.10 on (29/03/2023), implying that at the current market price, the scrip has gained 92.16% from its 1 year low.

The stock has shot up by over 91% during the past five years, and in the past three years, the scrip has produced a multibagger return of 158.44%. The stock has gone up by 58% over the past year, and it has risen by 66.80% YTD in 2023. The stock has gone up 70.58% over the past six months and 26% over the past month. During Q2FY24, the company recorded promoters' shareholding of 62.73%, FIIs stake of 2.27%, DIIs stake of 4.82% and public stake of 30.18%.