100% Dividend: Smallcap Stock Below Rs 100 Fixes Record, Payment Dates For 2nd Interim Dividend

Specialty chemical company, Bhansali Engineering Polymers is going to reward its shareholders with a 100% interim dividend payout for FY24. The company has already announced record and payment dates for the same. Accordingly, this smallcap stock trading below Rs 100 will be in focus this week.

As per the regulatory filing, Bhansali Engineering's board of directors on October 22nd declared a second interim dividend of Re 1 (100%) per equity share having a face value of Re 1 each for the financial year 2023-24.

For the 100% interim dividend, the company fixed November 2nd as the record date to determine the entitlements of shareholders to receive the second interim dividend. While it plans to pay the same on or before November 10, 2023.

That being said, Bhansali shares will turn ex-dividend on November 2nd as well.

Earlier, the company paid its first interim dividend of 100% for FY24. In the previous financial year (FY23), the company paid a whopping 1700% dividends amounting to Rs 17 per share.

At the current market price, Bhansali Engineering's dividend yield is at 13.22% after adjusting bonus and stock splits, as per Trendlyne data. The company has declared up to 24 dividends since July 2003.

In the September 2023 quarter, the company posted a consolidated net profit of Rs 48.22 crore as against Rs 41.23 crore in Q2FY23 and Rs 50.51 crore in Q1FY24. Consolidated revenue from operations stood at Rs 314.23 crore, down from Rs 358.28 crore in Q2FY23, but higher from Rs 294.48 crore in Q1 of FY24.

Also, on October 22nd, the company announced that its board approved the enhancement of ABS production capacity from 75,000 TPA to a whopping 1,45,000 TPA at the company's existing plants at Abu Road (Rajasthan) and Satnoor (Madhya Pradesh).

BEPL is a company that takes pride in being the lowest-cost producer of ABS in India with quality standards at par' with the Global Best. The Company has joined hands with Nippon A&L Inc. (NAL), Japan to expand its business of Styrenics Resins and supports the sale of ABS Resins, AES Resins, ASA Resins and their alloys with other plastics in the Indian Market. The joint venture with NAL makes BEPL the single most indigenous Company in this segment.

Meeting the expectations of its customers, BEPL is committed to customer satisfaction through a timely supply of assured quality products and applications.