scorecardresearchSupreme Petrochem climbs 7% post interim dividend

Supreme Petrochem climbs 7% post interim dividend

Updated: 31 Oct 2022, 12:00 PM IST
TL;DR.
During Monday’s trade, the stock opened at a price of Rs. 688 per share closely against the previous close of Rs. 686.90 and rallied further to touch an intraday high of Rs. 735 during the early trading session.
During Monday’s trade, the stock opened at a price of Rs. 688 per share closely against the previous close of Rs. 686.90 and rallied further to touch an intraday high of Rs. 735 during the early trading session.

During Monday’s trade, the stock opened at a price of Rs. 688 per share closely against the previous close of Rs. 686.90 and rallied further to touch an intraday high of Rs. 735 during the early trading session.

Supreme Petrochem Ltd. jumped over 7 percent on Monday, October 31 after the company announced a 100% interim dividend and 1:2 stock split after posting its second quarter results, reported ET.

During Monday’s trade, the stock opened at a price of Rs. 688 per share closely against the previous close of Rs. 686.90 and rallied further to touch an intraday high of Rs. 735 during the early trading session. It was trading at 730.95, up by 6.41 percent at 11:30 a.m on the NSE.

The stock touched a 52-week-high of Rs. 1,025 on March 28, 2022 and a 52-week-low of Rs. 617.15 on November 23, 2021, indicating that at the current level, the stock is trading at 17.7 percent above its 52-week low and nearly 29 percent below its 52 week high.

The stock has declined over 14 percent in the last six months. However, in the past one year, it has given a positive return of nearly 12 percent. In the last five years, the stock has returned almost 97 percent to its shareholders.

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Shares of Supreme Petrochem since past six months.

On Thursday, October 27, Supreme Petrochem announced a 100% interim dividend and 1:2 stock split after posting its second quarter results. The company declared a dividend of 4 per share having face value of 4 with record date of November 9, 2022, which implies 100% dividend for FY2023, reported ET.

The board of directors of the company at its meeting held on October 27, 2022 have approved and declared Interim Dividend of 4/- (four) per equity share of the company having face value of 4/- (four) (viz. 100%) for the financial year 2022-2023 on its paid up equity share capital (consisting of 94020671 equity shares of 4/- each) entailing an outgo of 3,760.8 lakh, the official report stated.

As such the shareholders of the company as at the close of business hours on Wednesday, November 09, 2022 will be eligible for payment of aforesaid Interim Dividend declared by the company on 27/10/2022, the company said in a official filing.

The company recorded net sales of 1,231.75 crore in Q2FY23 compared to 1,189.26 crore in Q2FY22, reflecting a YoY gain of 3.57%. Sales reported in the first quarter of FY23 were stood at 1,484.18 crore, marking a QoQ decline of 17%. The company reported combined revenue of 1,246.31 crore in Q2FY23 compared to 1,195.35 crore in Q2FY22, reflecting a YoY rise of 4.26%; however, QoQ net revenue decreased by 16.77% from 1497.44 crore in the June quarter.

Supreme Petrochem Ltd., established in 1989, is a small cap company in the petrochemicals industry with a market capitalisation of Rs. 6,458.28 crore. It is an India-based company, which is mainly engaged in the business of styrenics. The company’s primary operating segment is Styrenics business.

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First Published: 31 Oct 2022, 12:00 PM IST