Small cap stock declares ₹7 per share dividend, scrip trading at a dividend yield of 4.39%, FIIs stake plummets in Q3
3 min read . Updated: 02 Apr 2023, 05:53 PM IST
Premium- With a market valuation of Rs. 591.44 Cr., Visaka Industries is a small-cap company with operations in the commodity sector.
With a market valuation of Rs. 591.44 Cr., Visaka Industries is a small-cap company with operations in the commodity sector. Dr. G. Vivekanand founded Visaka Industries Ltd in 1981. It has a wide range of products, from corrugated cement sheets and fibre cement boards to hybrid solar roofs and synthetic fibre yarn. With 12 manufacturing facilities, 13 marketing offices, and a PAN India distribution network of more than 7000 dealer outlets, Visaka Industries Limited has established itself as a productive business enterprise and GreenPro Certified (IGBC) organisation.
“The Board of Directors in its meeting held today has approved Payment of interim dividend of Rs.7/- per equity share (i.e., 70% on the face value of Rs.10/- per share) for the financial year 2022–23. The said interim dividend will be paid to those members of the Company whose names appear in the Register of Members maintained by the RTA / Beneficial owners maintained by the depositories as on April 12, 2023, being the record date fixed for this purpose," said Visaka Industries in a stock exchange filing on Saturday.
Visaka Industries has announced an equity dividend of 150.00% at a face value of ₹10 or ₹15 per share for the fiscal year ended March 2022, or FY22. The dividend yield at the current share price of ₹342 is 4.39%. Visaka Industries Ltd. has issued 32 dividends since July 11, 2002, according to data from Trendlyne. Visaka Industries Ltd. announced an equity dividend in the amount of Rs. 8.00 per share over the last 12 months. This generates a dividend yield of 2.34% at the current share price of ₹342.
During the quarter ended December 2022, the company recorded a consolidated net income of ₹358.95 Cr compared to ₹357.14 Cr recorded during the quarter ended December 2021. The company's net expenses reached ₹347.06 Cr during Q3FY23 as against ₹321.81 Cr during Q3FY22 and its EBIT stood at ₹11.89 Cr compared to ₹35.34 Cr reported in the same quarter of FY22. Visaka Industries said its net profit reached ₹3.35 Cr during Q3FY23 compared to ₹24 Cr during Q3FY22 and its EPS stood at ₹1.94 during Q3FY23 compared to ₹14.55 recorded during Q3FY22.
On Friday, the shares of Visaka Industries closed on the NSE at ₹342 apiece level, up by 1.35% from the previous close of ₹337.45. The stock recorded a total volume of 36,918 shares compared to the 20-Day average volume of 34,466 shares. In the last 1 year, the stock has fallen 44.50% and on a YTD basis, it has fallen 23.08% so far in 2023 on a YTD basis. The stock touched a 52-week-high of ₹664.00 on (19-Sep-2022) and a 52-week-low of ₹322.00 on (29-Mar-2023).
During Q3FY23, the company recorded a promoter shareholding of 48.42%, FIIs stake of 3.72%, DIIs stake of 0.84%, and a public stake of 47.03%. According to Trendlyne data, promoters elevated their holdings from 48.36% in the September 2022 quarter to 48.42% in the December 2022 quarter, while FII/FPI decreased their shareholding from 4.53% in the Q2FY23 to 3.72% in the Q3FY23, mutual funds held steady at 0.01%, and institutional investors decreased their holdings from 5.60% in the Q2FY23 to 4.67% in the Q3FY23.