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Business News/ Markets / Stock Markets/  Dividend stocks: Stovec Industries Ltd shares to trade ex-dividend on May 27
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Dividend stocks: Stovec Industries Ltd shares to trade ex-dividend on May 27

The Board of Directors of Stovec Industries declared an interim dividend of ₹115.00 per equity share for the eligible shareholders

Shares of Stovec Industries Ltd closed at ₹3889.70, higher 4.85 per cent on the BSE on Friday (May 24). (Mint)Premium
Shares of Stovec Industries Ltd closed at 3889.70, higher 4.85 per cent on the BSE on Friday (May 24). (Mint)

Dividend stocks 2024: Shares of Stovec Industries Ltd will be in focus when the stock market opens on Monday, May 27.

The Board of Directors of Stovec Industries has declared an interim dividend of 115.00 per equity share for the eligible shareholders.

The company fixed May 27 as the record date to ascertain the eligibility of shareholders for the interim dividend.

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Interim Dividend

In a stock exchange filing, Stovec Industries Ltd stated that the Board of Directors declared an interim dividend of Rs. 115 per equity share of Rs. 10 each (i.e., 1150%) for 2024. The Board has set May 27, 2024, as the record date for payment of the aforementioned interim dividend to the members who will hold the shares on this record date. The payment will be made on or before its due date.

On the ex-dividend day, a stock is traded without the value of its next dividend payment included.

The company has consistently rewarded its shareholders through dividends.

Q1 Earnings

Stovec Industries Ltd’s topline increased by 35.05 per cent and the profit rose by 94.12 per cent Y-o-Y in the first quarter (Q1) ended March 31, 2024.

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In the previous quarter (October to December 2023), the company reported revenue growth of 3.42 per cent and a profit increase of 18.57 per cent.

The selling, general & administrative expenses surged by 53.73 per cent q-o-q and rose by 4.91 per cent Y-o-Y.

Stovec’s operating income grew by 33.2 per cent q-o-q and increased by 183.43 per cent Y-o-Y.

Its EPS (earnings per share) for Q1 stood at 22.75 which rose by 94.11 per cent Y-o-Y.

Shares of Stovec Industries Ltd closed at 3889.70, higher 4.85 per cent on the BSE on Friday (May 24).

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Published: 27 May 2024, 06:29 AM IST
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