Petrochemical stock surges over 5% as Board declares a massive dividend of ₹80

Petrochemical stock surges

Styrenix Performance Materials LTD is a small-cap company that works in the specialty chemical sector. Its market value is 1,545,69 Cr. Styrenix Performance Materials Ltd makes, trades, and sells thermoplastics for engineering in India and around the world. The Board of Directors of Styrenix Performance Materials announced a huge dividend of 800% for the fiscal year 2022–2023. This made the shares of the company go up by 5% today.

“This is a follow-up to our notification letter from March 9, 2023, in which we told you that the Board of Directors would meet on March 16, 2023, to discuss declaring an interim dividend for the fiscal year 2022-23. So, in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are letting you know that at its meeting today, the Board of Directors of the Company discussed and declared an Interim Dividend of Rs. 80/- (or 800%) per equity share of 10 each. As stated in our letter of March 9, 2023, the record date for figuring out who can get the interim dividend is March 24, 2023,” Styrenix Performance Materials said in a filing with the stock exchange.
During Q3FY23, the company had a net income of 559.64 Cr, which was higher than the net income of 513.54 Cr for the same quarter in Q3FY22. During the quarter that ended in December 2022, the company’s net expenses were 517.91 Cr. This was up from 438.69 Cr. during the quarter that ended in December 2021. The company said that its EBIT for Q3FY23 was 41.73 Cr, which is less than the 74.85 Cr it reported for the same quarter last year. During Q3FY23, Styrenix Performance Materials made a net profit of 30.19 Cr, which is less than the 47.42 Cr it made in the same quarter of FY22. In Q3FY23, Styrenix Performance Materials’ earnings per share (EPS) was 17.17, which is less than the EPS of 26.97 in Q3FY22.
Shares of Styrenix Performance Materials ended the day on the NSE at 881.00 each, which is 5.21% higher than where they ended the day before, at 837.35. The average number of shares traded was 1,577,455, which was more than the average number of shares traded over the past 20 days, which was 31,461. In the past year, the stock has gone down 18%, and so far in 2023, it has gone up 9.75%. On (07-Apr-2022), the stock hit a 52-week high of 1,156.50 and a 52-week low of 700.70. (09-Feb-2023).
For the fiscal year that ended in March 2022, Styrenix Performance Materials will pay an equity dividend of 2970.00%, or 297 per share. At the share price of Rs. 881 right now, the dividend yield is 33.71%. Trendlyne data shows that since May 10, 2001, Styrenix Performance Materials Ltd. has paid out 24 dividends. In the last 12 months, an equity dividend of Rs. 105.00 per share was announced. At the current share price of 881, the dividend yield is 11.91 percent.

Source: Team CurrencyVeda