Home / Markets / Stock Markets /  Petrochemical stock surges over 5% as Board declares a massive dividend of 80

With a market valuation of 1,545.69 Cr, Styrenix Performance Materials LTD is a small-cap company with operations in the specialty chemical sector. Engineering thermoplastics are manufactured, traded, and sold by Styrenix Performance Materials Ltd in India and abroad. The Board of Directors of Styrenix Performance Materials announced a massive dividend of 800% for the fiscal year 2022–2023, which led the company's shares to settle today on a positive note by 5%.

“This is in continuation to our intimation letter dated March 09. 2023. wherein we had informed about the meeting of the Board of Directors on Thursday, March 16, 3023, to consider the declaration of an interim dividend for the financial year 2022-23. Accordingly, in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that the Board of Directors of the Company, at its meeting held today. has considered and declared an Interim Dividend of Rs. 80/- (i.e. 800 %) per equity share of 10 each. As informed vide our letter dated. March 09, 2023, the record date for the purpose of determining the members eligible to receive the interim dividend, is Friday. March 24, 2023," said Styrenix Performance Materials in a stock exchange filing.

During Q3FY23, the company reported a net income of 559.64 Cr compared to 513.54 Cr recorded during the quarter ended Q3FY22. The company's net expenses reached 517.91 Cr during the quarter ended December 2022 compared to 438.69 Cr reported during the quarter ended December 2021. The company said its EBIT stood at 41.73 Cr during Q3FY23 compared to 74.85 Cr reported in the year-ago quarter. The net profit of Styrenix Performance Materials reached 30.19 Cr during Q3FY23 compared to 47.42 Cr reported in the same quarter of FY22. The EPS of Styrenix Performance Materials reached 17.17 in Q3FY23 compared to 26.97 in Q3FY22.

The shares of Styrenix Performance Materials closed today on the NSE at 881.00 apiece level, up by 5.21% from the previous close of 837.35. The stock recorded a total volume average of 1,57,745 shares compared to the 20-Day volume average of 31,461 shares. In the last 1 year, the stock has fallen 18% and on a YTD basis, it has gained 9.75% so far in 2023. The stock touched a 52-week-high of 1,156.50 on (07-Apr-2022) and a 52-week-low of 700.70 on (09-Feb-2023). 

Styrenix Performance Materials has announced an equity dividend of 2970.00%, or 297 per share, for the fiscal year ended March 2022. The dividend yield at the current share price of Rs. 881 is 33.71%. According to Trendlyne statistics, Styrenix Performance Materials Ltd. has issued 24 dividends since May 10, 2001, and in the last 12 months, an equity dividend of Rs. 105.00 per share has been announced. The dividend yield at the current share price of 881 is 11.91%.

Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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