This State-Owned Multibagger Stock Offers 215% Dividend For Shareholders, See If You Own

State-owned Gujarat Mineral Development Corporation Ltd. is offering an Rs. 4.30 dividend, that is a 215% dividend, for the shareholders. The ex-dividend date was yesterday, and its record date is today, September 23, 2022. The company had mentioned, "We would further like to inform that the Board has also recommended dividend of 215%, i.e. Rs. 4.30 per equity share of Rs. 2 each for financial year ended on 31st March, 2022."

Gujarat Mineral Development Corporation - stock performance

The current market price of the company closed at Rs. 147.95 fell by 2.47%, on September 22 on NSE. In the last 1 month its share price fell by 14.33%, in the last 6 months its share price fell by 8.67%. However, in the last 1 year its share price gained by 111.51%, making it a multibagger stock.

The 52-week high level of this stock is Rs. 228.40, and the 52-week low level of this stock is Rs. 64.30. This small-cap company has a market capitalization of Rs. 4,690 crore.

Financial results

According to data available with NSE, in Q1 FY23, this large cap company's Total Income stood at Rs. 1,20,273.71 lakh, as against Rs. 1,09,692.77 lakh in the previous quarter. The company's Profit before tax (PBT) was reported at Rs. 46,647.32 lakh, as against Rs. 42,286.13 lakh in Q4 FY22. Additionally, its Net Profit stood at Rs. 34,490.12 lakh, as against Rs. 17,578.52 lakh, in the earlier quarter.

What is a dividend?

A dividend is known as a reward, which can be offered by a listed company to its shareholders. After making a significant amount of profit in a quarter or a fiscal year, a company can offer a dividend to attract more investors to the stock. Eventually, its liquidity improves. However, a company doesn't need to offer dividends after making profits.

Disclaimer

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