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Shares of Forbes and Company extended rally to hit a new high of 753 apiece on the BSE in Thursday's trading deals. The multibagger stock has rallied more than 53% in the last five sessions. The counter has been surging amid the company's announcement last week of special interim dividend of 65 and also fixing the record date for the same.

“We wish to inform you that the Board of Directors of the Company at their meeting held on August 13, 2022 has approved payment of special interim dividend of 65 per equity share (650%) and pursuant to Regulation 42 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 has fixed Thursday, August 25, 2022 as the 'Record Date' for the purpose of ascertaining the shareholders who shall be eligible for receipt of special interim dividend," the company informed in an exchange filing.

Forbes & Company Ltd, formerly known as Forbes Gokak Ltd, is part of the Indian conglomerate Shapoorji Pallonji Group and operates with a diversified portfolio comprising Engineering, Industrial Automation, Consumer Durables (Water and Air Products), Chemical Tankers and Real Estate. Forbes and Company shares have given multibagger return of 210% in a year's period, from 207 level in August last year on the BSE, to currently trading above 750 apiece.

Earlier this month, the board of directors of the company approved in principle, a proposal to enter into a Joint Venture with Macsa ID for providing innovative laser marking and traceability solutions for the entire range of materials - metals & non-metals. It is proposed to set up joint venture company with equal participation of both, the Company and Macsa ID, Forbes and Company said in an exchange filing.

Macsa ID is one of the 4 leading companies internationally in the field marking and traceability and offers comprehensive solutions to the food, beverages, pharmaceutical, healthcare, cosmetics, industrial engineering sector which sector includes automotive, aeronautics, defense, construction etc. Macsa ID is recognized in technological innovation in lasers for marking and coding.

 

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