LIC Backed Stock Sets Record Date For 200% Dividend, Up 124% From 1 Year Low

Polychem Limited is a micro-cap company that deals in the chemical sector. The company deals in the production of styrene, polystyrene, vinyl acetate & polyvinyl alcohol in the country. The compamny has declared a final dividend of Rs 3 per share for FY23, and for the purpose of the same record date has been announced by the Board on 29.06.2023.

The company has approved the payment of dividend of Rs. 20/- per share of Rs 10/- each i.e 200% on the equity shares of the company for the financial year ended 31st March 2023, subject to the approval of shareholders at the ensuing Annual General Meeting.
"This is to inform you that pursuant to Regulation 42 of SEBI (LODR) Regulations, 2015, the Company has fixed Friday, 14th July, 2023 as Record Date for the purpose of Dividend, if any, for the financial year ended 31st March, 2023.

The Member's whose name shall appear on the Company's Register of Members as on Friday, 14th July, 2023 shall be eligible for dividend on Equity shares, if declared at the Annual General Meeting," said Polychem Limited in a stock exchange filing while announcing the record date.

The firm reported a consolidated net income of Rs 12.85 crore in Q4FY23, growing 15.04% year on year from Rs 11.17 crore in Q4FY22. Polychem reported a net profit of Rs 1.49 Cr for the quarter ended March 2023, growing 170.90% YoY from Rs 0.55 Cr in the corresponding period last year. According to Polychem, its EPS for Q4FY23 was Rs 37, up from Rs 13.80 in Q4FY22.

On Friday, the shares of Polychem opened on the BSE at Rs 1283 apiece. While writing this copy the scrip was trading at Rs 1237 with a downside gap of 2.14% from the previous close of Rs 1264.10. The stock made a 52-week-high of Rs 1,359.00 on (19/05/2023) and a 52-week-low of Rs 550.00 on (01/08/2022), indicating that at the current market price, the stock is trading 124.90% above the 1 year low and 8.97% below the 1 year high. As per the shareholding pattern of Polychem for January to March 2023 quarter, Life Insurance Corporation Of India held fully paid-up equity shares of 11,257 or 2.79% stake in the company.