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Small-cap company Taparia Tools, with a market valuation of ₹3.19 Cr, announces a substantial 775% dividend even as its stock price hits a 52-week low, raising eyebrows and generating investor interest.
Taparia Tools, a small-cap player in the capital goods sector with a market valuation of ₹3.19 Cr, has declared an interim dividend of 775% for the financial year 2022-2023. This significant payout, amounting to ₹23,52,70,625, will be distributed to shareholders whose names appear on the register as of the record date, March 16, 2023.
The company's board has also recommended an increase in the authorized share capital from ₹5,00,00,000 to ₹35,00,00,000, divided into 3,50,00,000 equity shares of ₹10 each. This decision comes despite the company's stock price recently hitting a 52-week low of ₹10.50 on February 24, 2023, on the BSE, although it experienced a 5% intraday gain on that day.
Taparia Tools' manufacturing facilities boast modern forge shops, machining capabilities, heat treatment processes, polishing, and nickel chrome plating. The company also emphasizes quality control, with a fully furnished Quality Assurance Department and laboratory for raw material testing.
In Q3FY23, Taparia Tools reported net sales of ₹193.32 crore, a 2.37% increase year-over-year from ₹188.85 crore in Q3FY22. Net profit for the quarter ending December 2022 was ₹19.29 crore, up 6.62% from ₹18.10 crore in the corresponding quarter of the previous year. The Earnings Per Share (EPS) stood at ₹63.56 in Q3FY23, compared to ₹59.61 in Q3FY22.
While the stock has fallen 4.72% over the past year, it reached a 52-week high of ₹12.14 on July 13, 2022. As of Q3FY23, the promoter shareholding is 69.72%, with the public holding the remaining 30.28%.
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