Midcap Mining Company Revises Dividend Upwardly To Rs 11.45/Share, Stock Jumps

Midcap Mining company Gujarat Mineral Development Corporation Ltd. on Thursday informed the stock exchanges that the Company's Board has decided to upwardly revise the dividend for FY 2022-23.

The Board revises the dividend to Rs. 11.45 per share having a face value of Rs. 2.00 each as against the dividend of Rs. 9.10 recommended. On May 30, 2023, the Board recommended the said dividend. The company has a market cap of Rs 5,655.63 Crore.

"The Board of Directors of Gujarat Mineral Development Corporation Ltd, in its meeting held on 17th August, 2023, has decided to upwardly revise the dividend for FY 2022-23 to Rs. 11.45 per share having face value of Rs. 2.00 each, as against dividend of Rs. 9.10 recommended earlier on 30.05.2023. Accordingly the dividend for the FY 2022-23 stands revised as mentioned above," the Board said in filing to stock exchanges.

The scrip closed 2.12% higher on BSE at Rs 177.85 per share with intraday highs and lows of Rs 179.70 and Rs 175, respectively. It has given 4.77% positive return in the last 1 week, however, it declined 0.31% in the last 1 month. It gained 1.05% in 1 year, while in 2 years, it gained 187.55% positive return. In 3 and 5 years, it has given 288.74% and 50.59% positive returns, respectively.

The stock recorded its 52-week high on July 25, 2023, at Rs 188 per share and its 52-week low on Mar 28, 2022, at Rs 122.75 per share.

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