Multibagger stock announces an interim dividend of Rs. 100 (1000%) per share

Market


With a market valuation of 6,033.14 crore, Maharashtra Scooters Ltd. is a mid-size corporation that operates in the auto industry. A subsidiary of Bajaj Holdings and Investment Limited, Maharashtra Scooters Limited is traded on the BSE as well as NSE. The company’s present manufacturing activities are limited to the production of fixtures, jigs, and pressure die casting dies, which are largely used in the two- and three-wheeler industries. According to Value Research’s data, Maharashtra Scooters Ltd. is a debt-free company, which is appealing. However, what sounds even more intriguing is the company’s announcement of an interim dividend of Rs. 100 (1000%) per equity share with a face value of Rs. 10 for the fiscal year ending March 31, 2023.

The company has said in a regulatory filing that “This has reference to our letter dated 2 September 2022, informing about the meeting of the Board of Directors of the Company scheduled this day, i.e., Tuesday, 13 September 2022, inter alia, to consider the declaration of Interim Dividend. This is to inform you that the Board of Directors of the Company at its meeting held today, i.e., 13 September 2022, considered and declared an Interim Dividend of Rs. 100 (1000 %) per equity share of face value of Rs. 10, for the financial year ending 31 March 2023. Further, pursuant to Regulation 42 of the SEBI Listing Regulations, the record date for the purpose of determining the members eligible to receive the Interim Dividend has been fixed as Friday, 23 September 2022. The aforesaid Interim Dividend shall be credited / dispatched on or around Monday, 10 October 2022.”

Today’s NSE closing price for Maharashtra Scooters Ltd shares was 5,262.20 a piece, up by 0.70% from the previous close of 5,225.65. If we take into account the interim dividend the firm has announced, the dividend yield at the current market price climbs to 1.90%. The stock price has risen dramatically in the last 23 years, rising from 67.60 on January 1, 1999, to the current market price, representing a multibagger return and an all-time high of 7,684.32%. The stock has gained 91.54% over the past five years and 25.42% over the past three years. The stock has appreciated 19.83% over the past year, and on a year-to-date basis, it has climbed 38.31% so far in 2022. On the NSE, the stock had touched a 52-week-high of 5,443.00 on (15-September-2022) and a 52-week-low of 3,311.00 on (07-March-2022), indicating that after hitting a fresh 52-week-high today, the stock was last seen trading 58.93% above the low at the closing price. Compared to the 20-Day average volume of 20,006 shares, there were 46,977 shares traded in total today.

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