This stock multibagger’s board sets record dividend date: Check the details

The textile industry is served by Nahar Spinning Mills Ltd, a small cap company with a market valuation of 1,215.22 crore. Wool/cotton knitwear and woolen textiles are manufactured and exported by Nahar Spinning Mills Limited. More than 60% of the products produced by the company, which operates 7 factories spread over several sites, are designed for foreign markets, including those of the United States, United Kingdom, France, Brazil, Bangladesh, Mauritius, Honduras, Argentina, Colombia, Peru and Chile. , the Netherlands, Japan, Canada, Korea, Taiwan, Hong Kong, Singapore, Egypt and Russia. As a subsidiary of the Nahar group of companies, the company is one of India’s leading integrated textile players and the country’s second-largest cotton yarn producer. For the purposes of the payment of a 40% dividend, the company’s board of directors has announced the record date of which shareholders must be informed.

On July 23, the company informed the ESB saying that “in accordance with the requirements of Regulation 42 of the SEBI (Registration and Disclosure Requirements) Regulations, 2015, this is to inform you that the Membership Register and books stock transfer of the company will remain closed from August 13, 2022 to August 16, 2022 (both days inclusive) for the purpose of final dividend payment of Rs. 2.00/- per equity share Rs. 5/- each on the share capital for the year ended March 31, 2022. The stock dividend, as recommended by the board of directors, if approved by the annual general meeting, will be paid to the members whose names appear in the shareholders’ register on August 12, 2022 or Register of beneficial owners, kept by the Custodians at the close of August 12, 2022.”

Shares of Nahar Spinning Mills on the NSE closed at 336 per share, up 3.00% from the previous close of 326.20. The stock has gained 0.21% over the past year, but on a year-to-date basis it has fallen 34.32% so far in 2022. Despite losing 42.17% over the past six previous months, the stock managed to rise by 10.09% compared to last month. The stock has gained 9.86% over the past five trading days. The share price went from 59.45 on July 24, 2019, at its current level over the past three years, representing a multibagger return of 458% over that time. On the NSE, the stock hit a 52-week high of 690.00 on 08-Feb-22 and a 52 week low of 273.15 on 23-Jun-22 which indicates that at the current share price level of 336.00 the stock is trading 51% below the 52-week high and 23% above the 52-week low. On Friday, 73,996 shares were traded on the NSE resulting in a trading value of 248.38 lakes.

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