Rs 10/Share Dividend: Small Cap Metal Stock Sets Record Date For 200% Dividend Payout

Kalyani Steels is a small cap metal company that recorded a market cap of Rs 1,524.15 Cr in Monday's closing session. Established in 1973, Kalyani Steels is a leading manufacturer of forging and carbon & alloy steels. The stock ended on a green note on Monday after the company announced record date for 200% dividend payout.

Kalyani Steels said in a stock exchange filing on Monday that for the purpose of payment of dividend of Rs.10/- per equity share of Rs.5/- each (i.e. 200%), if approved by members at 50th Annual General Meeting to be held on August 18, 2023, the record date has been fixed as August 11, 2023.

"If the Dividend is approved at the 50th Annual General Meeting, payment of such dividend, subject to deduction of tax at source, will be made on or before Wednesday, August 30, 2023, as under: a) To all Beneficial Owners, holding shares in dematerialized form, as per the beneficial ownership data, as may be made available to the Company by the National Securities Depository Limited (NSDL) and the Central Depository Services (India) Limited (CDSL), as at the close of the business hours on Friday, August 11, 2023. b) To all members in respect of shares held in physical form, after giving effect to valid share transmission / transposition requests lodged with the Company or with the Registrar and Transfer Agents of the Company, as at the close of the business hours on Friday, August 11, 2023," said Kalyani Steels in a stock exchange filing.

During the March 2023 quarter, the company recorded a standalone net income of Rs 474.38 Cr compared to Rs 458.47 Cr in March 2022 quarter. Its net expenses stood at Rs 371.01 Cr as against Rs 364.18 Cr in the same quarter of FY22. The company's EBIT was Rs 103.37 Cr in Q4FY23 compared to Rs 94.29 Cr in Q4FY22 whereas its net profit was Rs 69.70 Cr as against Rs 68.40 Cr in the corresponding quarter of FY22.

On Monday, the shares of Kalyani Steels closed on the BSE at Rs 349.15 apiece up by 0.68% from the previous close of Rs 346.80. The stock made a 52-week-high of Rs 390.00 on (22/12/2022) and a 52-week-low of Rs 278.25 on (08/08/2022). Kalyani Steels has announced an equity dividend of 200.00% at a face value of Rs 5, or Rs 10 per share, for the financial year ended March 2023. This generates a dividend yield of 2.87% at the current share price of Rs 349.15. The company has a solid track record of dividend declarations during the past five years. Kalyani Steels Ltd. has issued 16 dividends since August 5, 2004, according to Trendlyne statistics.

During Q4FY23, the company recorded promoter shareholding of 64.70%, FIIs stake of 2.89%, DIIs stake of 9.04% and public stake of 23.39%.