Mid-Cap Metal Stock Sets Record Date For Rs 5/Share Dividend, Gains 75% From 52-Week-Low

Maharashtra Seamless is a mid-cap company which deals in the metal sector. The D.P. Jindal Group company is India's largest manufacturer of ERW and seamless pipes and tubes. The firm has declared the record date for the final dividend of Rs 5 per share for FY23, and the details are shown below.

Maharashtra Seamless Dividend

The Board of Directors have approved "Recommendation of dividend, subject to approval of members, of INR 5.00 (100%) per equity share of INR 5/- each for the financial year 2022-23."

"Pursuant to Regulation 42 and other applicable provisions of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, as amended from time to time, this is to inform that the 35th Annual General Meeting of Maharashtra Seamless Limited will be held on Monday, the 28th August, 2023 at 11.30 A.M. through Video Conferencing (VC)/Other Audio Visual Means (OAVM). The Company has fixed Monday, 14th August, 2023 as the 'Record Date' for the purpose of determining the members eligible to receive dividend for the financial year 2022-23," said Maharashtra Seamless in a stock exchange filing on Tuesday.

Maharashtra Seamless Financials

In Q1FY24, the company recorded revenue from operations of Rs 1223 Cr compared to Rs 1334 Cr in Q1FY23. The company's net profit stood at Rs 216 Cr in the quarter under review as against Rs 146 Cr in the year-ago quarter.
The company's promoter holding remained unchanged at 67.80% in Q1FY24. FII holding increased from 2.84% in Q4FY23 to 5.96% in Q1FY24, DII holding increased from 4.05% to 4.31% and no. of FIIs increased from 94 to 131.

Maharashtra Seamless Share Price

On Wednesday, the shares of Maharashtra Seamless opened on the BSE at Rs 493.30 apiece. The stock made a 52-week-high of Rs 544.45 on (01/08/2023) and a 52-week-low of Rs 279.00 on (26/12/2022), indicating that at the current market price, the stock is trading 75.26% above the 1-year low and 10.18% below the 1 year high.