Multibagger IT stock of 2022 recommends final dividend
Premium- In the IT industry, Magellanic Cloud Ltd. is a small-cap company with a market worth of Rs. 985 crore.
In the IT industry, Magellanic Cloud Ltd. is a small-cap company with a market worth of Rs. 985 crore. The firm, one of the top providers of IT services, provides creative solutions globally. The Company's Board of Directors met on Thursday, July 7, 2022, and they recommended a final dividend.
The company has said in BSE exchange filing that “We would like to inform you that the meeting of the Board of Directors of the Company was held today i.e. Thursday, July 07, 2022, and have considered, decided and approved the following:"
- Re-appointed of Mr. Jagan Mohan Reddy Thumma [DIN: 06554945] as the Managing Director for a further period of 5 years, subject to members approval at ensuing Annual General Meeting;
- Change in Registered office from State of Maharashtra to the State of Telangana, subject to members approval at ensuing Annual General Meeting;
- Recommend a final Dividend of ₹ 0.50 (i.e. 5% on face value) per Equity share of face value of ₹10/- each fully paid-up of the Company for the financial year ended March 31, 2022;
- The 41st Annual General Meeting of the Company will be held on Wednesday, August 10, 2022 at 11.00 a.m. (IST) through OAVM (i.e. through Zoom Meeting);
- The Register of Members and Share Transfer Books of the Company shall remain closed from Thursday, August 04, 2022 to Wednesday, August 10, 2022 (both days inclusive) pursuant to regulation 42 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 for the purpose of 41st AGM;
- Appointed Mr. Deep Shukla, Practicing Company as a Scrutinizer to conduct the entire voting process at the 41st AGM of the Company (including e-voting) and to submit the Report for declaration of the results thereof;
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The stock closed at ₹350.80 level on Friday, up by 2.26% from its previous close of ₹343.05. The stock has risen from ₹73.60 as of July 12, 2021 to its current level during the past year, representing a multibagger return of 376.63 per cent. Year-to-date (YTD) performance shows that the stock has climbed from ₹75.45 on January 3, 2022, to ₹350.80 as of July 8, 3:30 PM IST, representing a multibagger return of 364.94 per cent so far in 2022. The stock has gained from ₹96.20 on January 10, 2022, to the current level during the past six months, representing a multibagger return of 264.66 per cent. Over the past month, the stock has climbed 5.63 per cent. The shares of Magellanic Cloud reached a 52-week high of ₹448.10 on 10/03/2022 and a 52-week low of ₹37.25 on 15/11/2021, putting the stock at a 21.82 per cent discount to its 52-week high and 840.40 per cent above its 52-week low at the current market price.