This Edible Oil Refinery Company Stock Surges 102% from its 52-week Low, Recommends Dividend

Shri Venkatesh Refineries Limited has announced a sound dividend for the year ending March 2023, after its board meeting was held on Wednesday. It is a penny stock company that informed about the dividend through a securities exchange filing when posting the Q4FY23 results.

Q4FY23 performance

Shri Venkatesh Refineries Limited posted a revenue of Rs 145.6 crore as against Rs 156.1 crore last year. The revenue declined by 6.73% and 8.83% on a yearly and sequentially basis. Even the PAT was down at 2 crores from the 5 crores reported last year and 6.8 crores in the December quarter.

Dividend Details

Besides the results, the Board of Directors of the company, at its meeting dated 30th May 2023, has recommended a final dividend of Rs 1 per share on equity shares of the company for the financial year ending March 31, 2023.

The said dividend will be approved by the shareholders at the ensuing Annual General Meeting (AGM) of the company. The company has not yet disclosed the book closure or record date details.

About the company

Shri Venkatesh Refineries Limited is a micro-cap company incorporated on 28th February 2003, located in Jalgaon. It operates as a refinery company under the brand name "Rich Soya". The company specializes in the production, processing, and preservation of soyabean oil and palm oil. Rich Soya has become a household name for Soya Oil, Sun Flower Oil, and Palm oil in north Maharashtra. The company has a market capitalisation of Rs 172.53 crore.

Share Price Movement

The latest closing price of this edible oil refinery stock is Rs 156, it was marginally up 0.68% over the previous day's closing price. The price has surged by 102% from its 52-week low price of Rs 77. In the last one year, its share price has rallied by 32.99% and since its October 2021 listing it has soared by 264.49%.