This penny stock shall pay 200% dividend soon, taking the yield to 3.60%

Market


With a market valuation of Rs. 463.86 crore, Sarla Performance Fibers Ltd. is a small-cap firm that operates in the consumer discretionary goods & services (CDGS) sector. Sarla Performance Fibers Limited produces and exports textured, twisted, and coloured polyester and nylon yarns, as well as covered yarns, high tenacity yarns, and sewing thread. The yarns and threads used in Sarla’s nylon and polyester products come in more than 250 distinct variations. The corporation has declared the record date to determine whether stockholders are eligible for the 200% dividend for the aforementioned purpose.

The company said in a regulatory filing that its Board of Directors of the Company, at their meeting held on May 25, 2022, had considered and approved the “Recommendation of Final Dividend @200%, i.e. Rs. 2/- per equity share of the face value of Re. 1/- each on 83,503,000 Equity Shares of the Company for the financial year ended March 31, 2022. Payment of final dividend is subject to approval of the shareholders at the ensuing Annual General Meeting, the date of which will be intimated in due course. The dividend will be dispatched/ paid within 30 days of its approval by the shareholders at the ensuing AGM and will be also subject to deduction of tax at source.”

Further, the Board announced on Tuesday that “Pursuant to Section 91 of the Companies Act, 2013 read with Rule 10 of the Companies (Management and Administration) Rules 2014 and Regulation 42 of SEBI Listing Regulations, the Register of Member and the Share Transfer Books of the Company will remain closed from Thursday, September 22, 2022 to Wednesday, September 28, 2022, (both days inclusive) for taking record of the Members for the purpose of 29th Annual General Meeting (‘AGM’) of the Company scheduled to be held on Wednesday, September 28, 2022, at 01:00 p.m. (IST) through VC/ OAVM and payment of dividend, subject to approval of the Members at the AGM. Further, we would like to inform you that, the Company has fixed Wednesday, September 21, 2022 as cut-off date for the purpose of determining name of the Members eligible to receive dividend for the year ended March 31, 2022.”

The shares of Sarla Performance Fibers Ltd closed on Friday at 55.50 apiece, down by 2.03% from the previous close of 56.65. The stock has gained 6.94% during the past five years, and in the past three years, it has produced a multibagger return of 125.61%. The stock has climbed 16.60% over the past year, but YTD, it has plummeted 13.95% so far in 2022. The dividend yield climbs to 3.60% at the Friday closing price when the final dividend described above is taken into account. For the quarter ended June 2022, the company recorded a promoter shareholding of 55.90%, FIIs holdings of 0.87%, and public shareholding of 43.23%.

 

 

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