Board of this multibagger stock fixes record date for dividend: Check details
- The textile industry is served by Nahar Spinning Mills Ltd, a small cap company with a market valuation of ₹1,215.22 crore.
The textile industry is served by Nahar Spinning Mills Ltd, a small cap company with a market valuation of ₹1,215.22 crore. Woollen/cotton hosiery knitwear and woollen textiles are manufactured and exported by Nahar Spinning Mills Limited. Over 60% of the products produced by the company, which operates 7 plants across multiple locations, are designed for overseas markets, including those in the USA, UK, France, Brazil, Bangladesh, Mauritius, Hondurus, Argentina, Colombia, Peru, Chile, the Netherlands, Japan, Canada, Korea, Taiwan, Hong Kong, Singapore, Egypt, and Russia. As a subsidiary of the Nahar group of companies, the company is one of India's leading integrated textile players and the country's second-largest producer of cotton yarn. For the purpose of paying a dividend of 40%, the Board of Directors of the company have announced the record date which shareholders should be aware of.
On 23rd July, the company informed BSE by saying that “Pursuant to the requirements of Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Register of Members and Share Transfer Books of the Company will remain closed from 13th August, 2022 to 16th August, 2022 (both days inclusive) for the purpose of payment of Final dividend of Rs. 2.00/- per equity share Rs. 5/- each on Equity Share Capital for the Financial year ended 31st March, 2022. The dividend on equity shares as recommended by the Board of Directors, if approved at the Annual General Meeting will be paid to the members, whose names appear in Register of members as on 12th August, 2022 or Register of beneficial owners, maintained by the Depositories as at the close of 12th August, 2022.”
Nahar Spinning Mills' shares on the NSE closed at ₹336 per share, up 3.00 per cent from the previous close of ₹326.20. The stock has gained 0.21 per cent during the past year, but on a YTD basis, it has dropped 34.32 per cent so far in 2022. Despite losing 42.17 per cent during the previous six months, the stock has managed to rise 10.09 per cent over the past month. The stock has gained 9.86% during the past five trading days. The stock price has climbed from ₹59.45 on July 24, 2019, to its current level during the past three years, representing a multibagger return of 458 per cent over that time. On the NSE, the stock touched a 52-week-high of ₹690.00 on 08-February-22 and a 52-week-low of ₹273.15 on 23-June-22 which indicates that at the current share price level of ₹336.00 the stock is trading 51% below the 52-week-high and 23% above the 52-week-low. On Friday, 73,996 shares were traded on the NSE, resulting in a trading value of ₹248.38 lacs.
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