Large Cap Stock Approves Interim Dividend Of Rs 850/Share, Record Date In November

The board of 3M India Ltd has approved interim (special) dividend of Rs 850 per equity share on Wednesday. The large cap company operates in Diversified sector. It has a market capitalisation of Rs 26,442.16 crore. Check key takeaways below:

1. 3M India Approves Interim (Special) Dividend Today

The board of directors of 3M India stated in the regulatory filing, "We would wish to inform that at the Meeting of the Board of Directors of the Company held today i.e., on November 9, 2022, the Board have inter-alia declared an Interim (Special) Dividend of Rs. 850/- per equity share of face value Rs. 10/- each, for the financial year 2022-23. The Board of Directors have fixed November 22, 2022 as the Record Date for determining the entitlement of the shareholders for the payment of aforesaid Interim Dividend. The Interim Dividend shall be paid/dispatched to the shareholders on or before December 9, 2022."

The record date for the interim dividend of Rs 850 is November 22, 2022.

2. 3M India Ltd Stock Outlook

The current market price of 3M India is Rs 23,472 apiece with 52-week high at Rs 27,800 and 52-week low at Rs 17,300. The shares are currently trading at a discount of 16% from 52-week high level. The Stock has surged over 4% intraday.

3. 3M India Return

The stock has given a return of 51% in last 5-years, 5% in last 3-years, and declined 14% in the last 1-year.

4. About 3M India

3M supports solar and wind energy initiatives through product solutions such as films tapes coatings encapsulants and adhesives that help reduce the cost of energy generation. 3M India Ltd was incorporated in the year 1987 with the name Birla 3M Ltd. The company was changed into a public limited company in April 1989.

It vast list of products include cable connectors, discrete modular and heat recoverable closures, electrical termination and splicing products, specialty pressure sensitive coated tapes, and specialty chemicals, among others.

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