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Dividend Stock: This ferro alloys manufacturer will pay ₹15 to shareholders after stock surges in 2024
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Record date for the special dividend has been fixed as April 8, 2024. The special dividend will be paid to those shareholders on or before April 27, 2024, Indian Metals and Ferro Alloys said in a statement.
The board of Indian Metals and Ferro Alloys Ltd. on Friday, March 29, declared a special dividend of ₹15 per equity share of ₹10 each for financial year ending March 31, 2024, it said in an exchange filing.
Record date for the special dividend has been fixed as April 8, 2024. A record date means only those accounts, who own shares of Indian Metals and Ferro Alloys as of that date, would be eligible for the dividend payout.
The special dividend will be paid to those shareholders on or before Saturday, April 27, 2024, the company said.
Indian Metals and Ferro Alloys had declared an interim dividend of ₹7.5 in November 2023, following a ₹5 final dividend payout in July last year.
The highest dividend declared by the ferro alloys manufacturer, based on data available on the exchanges was in July 2018 at ₹10 per share.
Besides, the board of Indian Metals and Ferro Alloys has approved withdrawal of Scheme of Amalgamation of Utkal Coal Ltd. into the company, acquisition of remaining shares of subsidiary Utkal Coal to make it a wholly-owned unit of the company.
The board has also approved the write-off of doubtful interest income on a loan issued to its subsidiary Utkal Coal worth ₹110.75 crore and accounts for an impairment provision of ₹111.42 crore against the investment value made by the company in UCL.
In an interaction with CNBC-TV18 on January 31 2024, Subhrakant Panda of Indian Metals and Ferro Alloys said that the company is looking to ramp-up production in financial year 2025 and that they are confident of maintaining margins in the upcoming financial year.
Shares of Indian Metals and Ferro Alloys closed 1.81% higher on Thursday at ₹640. The stock is still 7% away from its January 31 peak of ₹687.65. The stock has risen 24% so far this year and is up 125% in the last one year.
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