Small Cap Private Sector Bank Recommends 50% Final Dividend, Trading Near 52-Week Low

Tamilnad Mercantile Bank (TMB) has recommended a final dividend of Rs 5 per share in its board meeting held on Monday, April 24, 2023.

TMB is one of the oldest Private sector banks in India. It is a Midcap bank having a market valuation of Rs 6,438.57 crore.

Recommended 50% FInal Dividend

The Board of Directors of the company in its exchange filing has said, "The Board of Directors of the Bank has recommended the payment of final Dividend of ₹5/- per equity share of the face value ₹10 each (50%) for the financial year 2022-23, subject to the approval of the Shareholders at the ensuing Annual General Meeting of the Bank."

It added, "The AGM date and the Record date for the purpose of the payment of final dividend will be announced in due course."

Stock's Performance & Outlook

The stock of the TMB is trading 0.47% higher at Rs 405.55 apiece on NSE. Its 52 week high is Rs 548.50 apiece and 52 week low is Rs 399 apiece, respectively.

The stock has given 0.16% positive return in 1 week, and 2.22% negative return in 1 month. In the past 3 months, it has given 15.84% negative return.

The stock has given 20.33% negative return since its date of listing i.e. 15 September 2022.

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