Chemical Stock jumps up to 10% after it fixes record date for dividend; Check the details 

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Chemical Stock jumps up to 10% after it fixes record date for dividend; Check the details 
Credit: © Reuters.

Shares of Meghmani Finechem Limited (MFL) opened their trading session at Rs 969 and currently trades at Rs 1,046. The scrip witnessed an intra-day high of Rs 1,053.30 which indicates a gain of around 10 percent as compared to the previous closing price of Rs 961.50.

In the last five trading sessions, the stock has favorably moved about 12 percent ranging from Rs 922.60 to the current levels. The company has a market capitalization of Rs 4,358 crores.

Such movements in the stock prices are observed after the company, through a regulatory filing with the exchange, informed that it has decided the record date pertaining to the payment of the Final dividend of Rs 2.50 (25 percent of its Face Value of Rs 10). The date is fixed to be June 20th, 2023.

Incorporated in 2007, Meghmani Finechem Limited is engaged in the business of manufacturing and selling chlor-alkali and its derivatives within India and also conducts operations overseas.

The company also trades in various agrochemical products. Some of the products included in their portfolio include chlorine, epichlorohydrin, hydrogen peroxide, etc.

The company recently announced its financial results for FY22-23 wherein it reported operating revenues of Rs 2,188 crores, improving from Rs 1,551 crores of revenues in the previous financial year. The net profits of the company also increased from Rs 253 crores during FY21-22 to Rs 353 crores in FY22-23 indicating an increase of around 40 percent.

Having a look at the company’s debt-to-equity ratio, it has reduced from 1.36 times during FY21-22 to 0.82 times in FY22-23 bringing it to the desired levels.

As per the latest shareholding data for the March 2023 quarter, Promoters of the company hold a 71.34 percent stake, and Foreign Institutional Investors (FIIs) hold a 1.2 percent stake in the company.

Written by Amit Madnani

The post Chemical Stock jumps up to 10% after it fixes record date for dividend; Check the details appeared first on Trade Brains.

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