FMCG stock at the fresh 52-week-high level fixes record date for 250% dividend
With a market worth of Rs. 45,471.98 crore, Patanjali Foods Ltd. is a large-cap company that operates in the Fast Moving Consumer Goods (FMCG) industry
With a market worth of Rs. 45,471.98 crore, Patanjali Foods Ltd. is a large-cap company that operates in the Fast Moving Consumer Goods (FMCG) industry. The shares of Patanjali Foods Limited reached a new 52-week high on Friday of ₹1,266 and then closed with an upside gap of 4.50% at ₹1,259.95 a piece. On the trading day, the total volume of the stock was 1,282,012 shares which is much lower than the 20-Day average volume of 351,933 shares.
The Board of Directors of the company had recommended a dividend of ₹5 per equity share or 250% at a face value of Rs. 2 per share for the financial year ended 31st March 2022. For the purpose of the same the record date has been announced by the Board to determine the eligibility of the shareholders for dividend payment. As per the data available on BSE, 23 September 2022 has been set as the ex-date for dividend purposes, hence potential investors are suggested to buy the stock prior to the ex-date owing to the T+2 trading settlement.
The Board has said in a regulatory filing that “Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and Share Transfer Books of the Company will remain closed from Tuesday, September 27, 2022 to Thursday, September 29, 2022 (both days inclusive) for the purpose of payment of dividend for financial year (FY) 2021-22, if declared at the AGM. Accordingly, the date for the purpose of determining entitlement of the members of the Company to receive Dividend is Monday, September 26, 2022."
On Wednesday, Patanjali Foods Limited (formerly Ruchi Soya Industries Limited) made the announcement that an oil palm mill will be built in the Industrial Growth Center in Niglok, District of East Siang, Arunachal Pradesh. “In state of Arunachal Pradesh, we plan to undertake oil palm plantation on 38,000 ha area across 9 districts. We have already established 2 nurseries at Pasighat and Holangi and are in the process of establishing 3 more nurseries in Lower Siang District at Kherram, FTC and Dipa. This will give impetus to state’s economy and will bring tremendous employment generation along with increase in local farmers’ income," said the company in an official announcement.
“Patanajali Foods has committed itself to Government’s NMEO-OP program and plant to undertake large scale cultivation of oil palm plantation on 5 lakh ha area in India; out of which 3.2 lakh hectare area will be in North East region. Patnajali’s NE Oil Palm Program will immensely benefit state’s economy for over next 30 years, key benefits include: avg annual production of around 7.5 lakh MT palm oil, saving of about Rs. 10,500 crore of forex outgo annually and employment generation for nearly 5.8 lakh persons," said the company in a regulatory filing.
The stock had touched a 52-week-low of ₹1,021.00 on (25-July-22) and at the current market price the stock is trading 23.40% above the low.
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