Two stocks are set to turn ex-dividend for high dividend payout in the range of Rs 17 per share to Rs 26 per share. These stocks belong to diverse segments namely the auto and textile industries. They are Stovec Industries and Schaeffler India. Dividends are part of corporate actions and are like incentives to investors that are announced by listed companies from their profitability of respective financial year.
Here are the details of the upcoming two major dividends:
1. Stovec Industries Dividend:
Stovec is a small-cap stock with a market value of up to Rs 547.20 crore on BSE as of April 15, 2024. On Monday, the stock stood at Rs 2,620.65 apiece marginally up. The stock's 52-week high and low is at Rs 3,030 apiece and Rs 2,021 apiece respectively.
YTD, Stovec's share price has surged by over 6% on BSE. In a year, the stock has rallied by 23%.
Stovec has recommended a final dividend of Rs. 17 per equity share of Rs. 10/- each (i.e. 170%) for the financial year ended December 31, 2023, and the same will be paid to the eligible members on or before its due date. Earlier, in 2023, the company paid a special dividend of 1,570% amounting to Rs 157 per share.
Accordingly, the company fixed April 18 as the record date to determine eligible shareholders. This will also be the ex-dividend date.
Stovec Industries Ltd, based in Ahmedabad (Gujarat), was established in the early 1970s and is the global market leader in rotary screen-printing technology, offering complete printing solutions to the textile industry.
2. Schaeffler India Dividend:
This midcap auto company has recommended a dividend of whopping Rs 26 per share having a face value of Rs 2 each. The record date is fixed on April 19 to identify the list of members eligible for the payment of Dividends.
In 2023, the company delivered dividends up to 1200% amounting to Rs 24 per share.
On April 16th, Schaeffler's share price stood at Rs 3221.75 apiece, down by 1.5% on BSE with a market cap of Rs 50,357.13 crore. Brokerage Nuvama has recommended buying Schaeffler with a raised target price of Rs 3,283 per share and a positive outlook.
The stock's 52-week high and low are at Rs 3,719.20 apiece and Rs 2,616.05 apiece respectively. In 1 month, Schaeffler shares have gained by 11% on BSE, however, YTD, the stock is marginally low. In a year, the stock gained by 5.4% as of now.
Established for more than 60 years, Schaeffler India is a leading motion technology company with 4 manufacturing sites in Pune, Vadodara, Maneja, and Savli, 3 R&D centres, and 8 sales offices.
Schaeffler caters to a large and diverse customer base with efficient engine & transmission solutions, chassis and Emobility solutions in the automotive division and a reliable range of bearings and accessories with award-winning Industry 4.0 and Lifetime Solutions for the industry division. Schaeffler India is committed to contributing to the global sustainability targets.
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