This small cap cement stock is to turn ex-dividend tomorrow for ₹7 per share, dividend yield is at 3.90%
2 min read . Updated: 11 Apr 2023, 10:25 PM IST
Premium- With a market capitalization of Rs. 665.58 Cr., Visaka Industries is a small-cap company with operations in the cement industry.
With a market capitalization of Rs. 665.58 Cr., Visaka Industries is a small-cap company with operations in the cement industry. A variety of products are offered by Visaka Industries Ltd, including corrugated cement sheets, fibre cement boards, hybrid solar roofing, and man-made 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 sustainable business enterprise and GreenPro Certified (IGBC) organisation. The stock is turning ex-dividend tomorrow for an amount of ₹7 per share.
“Pursuant to Regulation 30 and other applicable provisions of the SEBI (LODR) Regulations, 2015, 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 the Board of Visaka Industries in a stock exchange filing.
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. This generates a dividend yield of 3.87% at the current share price of ₹386.80. The company has a solid track record of dividend declarations during the past five years. 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 produces a dividend yield of 2.06% at the current share price of ₹386.80.
The shares of Visaka Industries closed today on the NSE at ₹386.80 apiece level, up by 0.72% from the previous close of ₹384.05. The stock recorded a total traded volume of 78,486 shares compared to the 20-Day average volume of 47,322 shares. In the last 1 year the stock has fallen 38.44% and on a YTD basis, it has fallen 13.00% so far in 2023. 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).
Commenting on the technical outlook of the stock, A R Ramachandran, Co-founder & Trainer - Tips2trades said “Visaka Industries has strong fundamentals and not surprisingly has bounced back from its lows but now faces resistance at 390 on the Daily charts. Investors should book profits at current levels or keep a stop loss of support of 378. A daily close below 378 could lead to targets of 362-340 in the near term."