This multibagger stock fixes record date for special interim dividend of 250%

A small-cap company with a market valuation of ₹162 crore that operates in the textile industry is Indian Card Clothing Company Ltd. Initially a cooperation agreement between Carclo Engineering Group and English Card Clothing, Indian Card Clothing is a manufacturer of card clothing. The firm operates in over 18 foreign countries and specialises in metallic card clothing for the textile and non-woven industries. The company has declared a special interim dividend of 250% or Rs. 25/- per equity share of the face value of Rs. 10 for the financial year 2022-23.

Today the company informed BSE by saying that “This is to inform you that the Board of Directors of the Company in its meeting held today, which commenced at 12:30 p.m. and concluded at 1:30 p.m.; has declared Special Interim Dividend of Rs. 25/- per equity share of face value of Rs. 10/- each to be paid as Special Interim Dividend for the financial year 2022-23. Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [“Listing Regulations”] fixed July 8, 2022 as the Cut-off Date (“Record Date”) for the purpose of payment of Special Interim Dividend for the financial year 2022-23.

The company has also said in its exchange filing that the Board of Directors has “considered and approved the proposal of acquiring balance 40% equity stake in Garnett Wire Ltd., UK – foreign subsidiary of the Company, from the Joint Venture Partner – Joseph Sellers & Son Limited. Disclosure as required under Regulation 30 of the Listing Regulations read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 with respect to the proposed acquisition shall be given separately.”

The stock climbed 8.02 per cent from its previous close of ₹250.50 and closed at a market price of ₹270.60 today. The stock has returned 68.55 per cent over the past year, but over the past three years, it has provided its shareholders with a multibagger return of 190 per cent. On a year-to-date (YTD) basis, the stock has fallen 2.59% so far in 2022 and at the current level the shares of Indian Card Clothing are trading higher than 5 days, 20 days, 50 days, 100 days and 200-day moving averages. The stock is currently trading with a low P/B of 0.61 times its book value per share of ₹450.08.