Multifold Returns In 2-Yrs: IT Stock Recommends 1:5 Stock Split, Re 0.15/Share Dividend

Small cap IT software sector stock, Magellanic Cloud Ltd on May 30 recommended double treat for shareholders. Current market price of Magellanic Cloud Ltd share on BSE is Rs 616.00 per share. Magellanic Cloud recommended final dividend of Re 0.15 per equity share of Rs 10/- each and 1:5 stock split. Magellanic Cloud share offered multifold returns in last 2-years at 764%. More details below:

Magellanic Cloud Recommends Dividend: As per the regulatory filing of Magellanic Cloud dated May 30, 2024, "recommended a final Dividend of Rs. 0.15 /- (i.e., 1.5%) per equity share of Rs.10/- each on the fully paid-up equity share capital of the Company and which is subject to approval of Shareholders in the ensuing Annual General Meeting of the Company. The Dividend will be paid within 30 days from the date of Shareholders approval in the ensuing Annual General Meeting of the Company."

Magellanic Cloud Declares Stock Split: As per the BSE filing of Magellanic Cloud dated May 30, "Subject to the approval of the members in the Annual General Meeting and appropriate authorities, the Board has considered, approved and recommended for Sub-division of Company's 1 (One) Equity Share of Face Value of Rs. 10/- each into 5 (Five) Equity Shares of Face Value of Rs. 2/- each held as on the Record date which shall be decided for this purpose." The record date for stock split will be issued at a later date.

Magellanic Cloud Share Performance: The 52-week high price of Magellanic Cloud share on BSE is Rs 672.05 per share (as on 09/05/2024) and 52-week low price is Rs 203.55 per share (31/05/2023), respectively. The company has a market capitalisation of Rs 7,199.75 crore. Magellanic Cloud shares surged 34% year-to-date, soared 200% in last 1-year, and gave return of 4039% in last 3-years. In last 5-years, Magellanic Cloud share gave return of 8113%.

Magellanic Cloud About: Magellanic Cloud works in the Digital space and is listed on the Bombay Stock Exchange with the ticker MCLOUD. Above all, it connects excellent technology and their implementation processes and does this globally. Magellanic Cloud is represented by multiple brands with office locations in Europe, USA and Asia, according to its official website.

Disclaimer: The stock just highlights the dividend and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.