AMC stock fixes record date for 210% dividend, taking the yield to 3.28%

AMC stock fixes record date for 210% dividend, taking the yield to 3.28%

Market


A mid-size company with a market valuation of Rs. 8,106.44 crore, UTI Asset Management Company Ltd. operates in the financial services industry. The Board of Directors of the company proposed a final dividend of Rs. 21 per equity share for the FY 2021–2022 at its meeting held on April 26, 2022, subject to the approval of the shareholders at the 19th Annual General Meeting, which will be conducted on Monday, July 25, 2022. As the company has announced an equity dividend of 210.00 per cent, or 21, for the fiscal year ending March 2022 and at the current share price of 640, this equates to a dividend yield of 3.28 per cent.

Fixing record date for the purpose of dividend, the company has said in its exchange filing that “Pursuant to Section 91 of the Act and Regulation 42 of the Listing Regulations, the register of members and share transfer books of the Company will be closed from Tuesday, the 19th July, 2022 to Monday, the 25th July, 2022 (both days inclusive) as book closure period for determining the entitlement of final dividend for the FY 2021-22, if declared, to the members. The final dividend shall be paid, subject to the approval of members at the 19th AGM to be held on Monday, the 25th July, 2022, to those equity shareholders whose name appears as beneficial owners as at the end of business hours on Monday, the 18th July, 2022 in the list of beneficial owners to be furnished by Depositories viz. National Securities Depository Limited (NSDL) and the Central Depository Services (India) Limited (CDSL) in respect of the shares held in electronic form; and whose name appears as members in the Company’s register of members on Monday, the 18th July, 2022.”

The stock dropped 0.91 per cent from its previous price of 645.90 and settled at 640 on the NSE on Friday. The stock has fallen 24.09 per cent in the past year, and it has declined 40.38 per cent so far in 2022 on a year-to-date (YTD) basis. The stock has plummeted 2.77 per cent over the past month and 2.71 per cent during the past five trading days. UTI Asset Management Company shares on the NSE reached a 52-week high of 1,216.20 on September 8, 2021, and a 52-week low of 595.00 on June 17, 2022 indicating that at the current level of 640 the stock is trading 47.37% below the 52-week-high and 7.56% above the 52-week-low. UTI AMC is trading below the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages according to the last traded price. The company is virtually debt-free, and the stock is selling 2.85 times over its book value at its current price of 223.69 per share.

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