Home/ Markets / Stock Markets/  Huge dividend of 850 per share on this stock, ex-date next week

3M India, an Indian Subsidiary of a US-based 3M Company, witnessed huge buying on Friday with shares rising by more than 500 on Dalal Street. The stock was in focus ahead of its dividend record date next week. The company will be paying a massive dividend of 8500% to its shareholders.

On BSE, 3M shares closed at 24,365 apiece higher by 343.20 or 1.43%. The shares have climbed by at least 2.11% or 508.15 during the trading hours with an intraday high of 24,529.95 apiece on the exchange. This would be the second consecutive day rally in 3M shares.

The company has a market cap of around 27,447.34 crore as of November 18.

As per the regulatory filing, 3M India has announced a special dividend of 850/- per equity share on over 1.12 crore equity shares -- having a face value of 10 each for the financial year FY23.

The special dividend is around 8,500% in percentage terms.

On November 9, the company's board fixed November 22 as the record date for determining the entitlement of the shareholders for the payment of the interim dividend.

That being said, 3M shares will turn ex-dividend on November 21. The ex-dividend date is the day the price of the equity shares of a company gets adjusted for the dividend payout. It is one working day before the record date.

3M India plans to pay the interim dividend to the shareholders on or before December 9, 2022.

The company has announced its financial performance for the second quarter ending September 30, 2022 (Q2FY23).

In Q2 of this fiscal, 3M India posted a consolidated PAT of 106 crore up by 66% yoy, while sales & other operating income stood at 977 crore increasing by 16% yoy. EBITDA climbed by 56% yoy to 158 crore.

In the financial audit filing, Ramesh Ramadurai, Managing Director of 3M India said, "On a consolidated basis, the Company delivered 16.3% sales growth versus the prior year, and a 3.5% sales growth on a sequential basis. Transportation & Electronic segment led the growth at nearly 28% versus prior year. Our teams continued to execute multiple actions to mitigate the impact of cost headwinds and supply chain challenges. The external conditions remain uncertain and the Company is diligently monitoring the situation by staying in close contact with customers and supply partners."

3M India shares have skyrocketed by nearly 41% from their 52-week low of 17,300 apiece which was recorded on May 27, 2022.

3M India was established in 1988 and has its headquarters in Bengaluru with branch offices in Mumbai, Gurgaon, Pune, Kolkata, and Chennai. 3M leverages its global innovation expertise to develop homegrown solutions that address the unique needs of diverse customers in India.

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Updated: 18 Nov 2022, 05:21 PM IST
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