This small cap cement stock is to turn ex-dividend tomorrow for ₹7 per share, dividend yield is at 3.90%

small cap cement stock turning ex-dividend

Visaka Industries is a small-cap company that works in the cement business. It has a market capitalization of Rs. 665.58 Cr. Visaka Industries Ltd sells a wide range of products, such as corrugated cement sheets, fibre cement boards, hybrid solar roofing, and man-made fibre yarn. Visaka Industries Limited has established itself as a sustainable business enterprise and GreenPro Certified (IGBC) organisation with 12 manufacturing facilities, 13 marketing offices, and a PAN India distribution network of more than 7,000 dealer outlets. Tomorrow, each share of stock will no longer get a dividend of 7.

“Pursuant to Regulation 30 and other applicable provisions of the SEBI (LODR) Regulations, 2015, the Board of Directors at its meeting today approved payment of an interim dividend of Rs.7/- per equity share, which is 70% of 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 are in the Register of Members kept by the RTA or the Beneficial Owners Register kept by the depositories as of April 12, 2023, which is the record date for this purpose “In a filing with the stock exchange, the Board of Visaka Industries said this.

Visaka Industries has said that each share of stock with a face value of 10 will get a dividend of 15, or 150% of its face value, for the fiscal year that ends in March 2022. At the current share price of 386.80, this gives a dividend yield of 3.87%. In the past five years, the company has done a good job of paying dividends. Trendlyne says that since July 11, 2002, Visaka Industries Ltd. has paid out 32 dividends. Visaka Industries Ltd. said that it would pay an equity dividend of Rs. 8.00 per share for the past year. At the share price of 386.80, this gives a dividend yield of 2.06%. Visaka Industries’ shares ended the day on the NSE at 386.80 each, which is 0.72% higher than the previous close of 384.05. The total number of shares traded was 78,486, which is more than the 20-day average of 47,322 shares. In the past year, the stock has dropped by 38.44%, and so far in 2023, it has dropped by 13%. On September 19, 2022, the stock hit a 52-week high of 664.00 and a 52-week low of 322.00. (29-Mar-2023).

A R Ramachandran, Co-founder and Trainer at Tips2trades, talked about the stock’s technical outlook. He said, “Visaka Industries has strong fundamentals, so it’s not surprising that it has bounced back from its lows. However, it now faces resistance at 390 on the Daily charts.” Investors should take their profits at the current price or keep a stop loss level of 378. A daily close below 378 could lead to short-term goals of 362–340.”

Source: Team CurrencyVeda