Shares of Mishra Dhatu Nigam Rise 6% Before the Interim Dividend Record Date

Ahead of the record date for an interim dividend of ₹0.75 per share, Mishra Dhatu Nigam Ltd.’s shares increased by about 6% on March 24. Despite still below its all-time high, the stock had a notable bounce in March, rising more than 23% following earlier dips.

On Monday, March 24, before its record date for establishing shareholder eligibility for an interim dividend of ₹0.75 per share, shares of Mishra Dhatu Nigam, a Miniratna defense public sector organization (PSE), jumped by about 6% in intraday trade. The stock will trade ex-dividend starting on Tuesday, March 25, which is the record date and ex-dividend date.

Interim Dividend Announcement:

For the fiscal year 2024–2025, the board of Mishra Dhatu Nigam authorized an interim dividend of ₹0.75 per share face value of ₹10 per share. On March 19, the business announced regulatory filing.

This is to notify you that the firm’s Board of Directors authorized the declaration of an interim dividend of ₹0.75 per equity share (7.50 percent) of ₹10 each for the fiscal year 2024–2025 at its meeting today, the business said. The board meeting was initially planned for March 20, but the company moved it forward by one day, conducting it on March 19.

Dividend payments from Mishra Dhatu Nigam have been reliable. A final dividend of ₹1.54 per share was announced on September 21, 2022; an interim dividend of ₹1.41 per share was announced on March 22, 2024; a final dividend of ₹1.67 per share was announced on September 22, 2023, and an interim dividend of ₹1.68 per share was announced on March 23, 2023.

The stock of Mishra Dhatu Nigam increased by as much as 5.9 percent on Monday, reaching a high of ₹303.90 throughout the day. Despite the current upswing, the stock is still 44% behind its record high of ₹541, set in July 2024. Earlier this month, it had fallen to ₹226.60, its 52-week low.

Over the past year, the PSU stock has shed 23 percent. However, it has rebounded sharply in March, gaining over 23 percent after three consecutive months of losses. The stock had fallen by 26 percent in February and approximately 3 percent in January and December.