150% Dividend, 3.58% Yield: This Multibagger Auto Stock Announces Record Date; Do You Own?

Majestic Auto, a player in the auto sector, has declared a dividend payout for its shareholders. The company has revealed a 150% dividend on each stock, amounting to Rs 15 per share. This announcement comes after the Board of Directors meeting held on Thursday, February 08, 2024, where the decision was made based on distributable profits and growth opportunities for the financial year 2023-24.

The dividend payout will be subject to shareholders' eligibility on the record date, set by Majestic Auto on February 20, 2024. This means that only those holding shares on or before this date will be entitled to the lucrative dividend.

The face value of each Majestic Auto stock is Rs 10, and the declared 150% dividend equates to a significant Rs 15 per share. Shareholders can expect to receive their dividend by March 8, 2024, as confirmed by the company.

Majestic Auto's current market price positions its shares with an attractive dividend yield of 3.58%. The company's market capitalization stands at an impressive Rs 435.71 crore on the BSE. The recent performance of Majestic Auto's stock has been nothing short of remarkable, with a consistent upward trend.

According to BSE Analytics, Majestic Auto's stock has witnessed a surge of 8.53% in the last week, and 60.25% in the last month, as well as 67.62% in the last three months. The six-month, one-year, two-year, three-year, and five-year returns stand at 167.34%, 168.97%, 205.76%, 279.23%, and 216.98%, respectively.

Investors in Majestic Auto have reaped substantial rewards over the years, making it an attractive choice in the market. The company's commitment to enhancing shareholder value is evident in its consistent growth and substantial dividend payouts.

The dividend announcement has already impacted the market, with Majestic Auto shares turning ex-date on February 20, 2024, according to the BSE website. Investors are keenly observing the developments, anticipating positive outcomes as the record date approaches.

The shares of Majestic Auto were seen trading with cuts of nearly 7% at Rs 390 per share as of 2 pm on the Bombay Stock Exchange (BSE). The stock has gained nearly 70% in the last one year.

Majestic Auto's decision to pay out a significant dividend reflects its confidence in the financial health of the company and its commitment to rewarding shareholders. The upcoming weeks will likely see increased trading activity as investors position themselves to take advantage of the attractive dividend payout.