Rs 12/Share Dividend: Mid-Cap Metal Stock To Turn Ex-Dividend Tomorrow For 600% Payout

Mid-cap company Ratnamani Metals Tubes Ltd operates in the metal industry. The company produces tubing and piping solutions for a wide range of industries and niche markets in its core industries, including oil and gas, refinery and petrochemical, dairy, chemical and fertiliser, thermal, solar and nuclear power, LNG, desalination, defence, aerospace, chillers and cooling systems, pulp and paper industry, automobile, etc. According to the BSE website, the company has announced a final dividend of Rs 12 per share for FY23, and on July 27, 2023, the stock will begin trading ex-dividend.

Ratnamani Metals Tubes Dividend

"The Board has recommended a Dividend of Rs.12.00 per Equity Share (i.e. @ 600%) on 7,00,92,000 Equity Shares of Rs.2.00 each to the members for the financial year ended on March 31, 2023, subject to the approval of the Members at the ensuing 39th Annual General Meeting of the Company. The dividend, if approved by the members at the ensuing AGM, would be paid to the members subject to deduction of tax at source, on or before September 2, 2023," said Ratnamani Metals Tubes in a stock exchange filing.

Ratnamani Metals and Tubes has announced an equity dividend of 600.00% at a face value of Rs 2, or Rs 12 per share, for the financial year ended March 2023. This generates a dividend yield at the current share price of Rs 2548.45 of 0.47%. The business has a solid track record of dividend declarations during the past five years. According to statistics from Trendlyne, Ratnamani Metals & Tubes Ltd. has issued 23 dividends since September 3, 2001.

Ratnamani Metals Financials

The Ahmedabad-based firm posted a consolidated net profit for the January-March quarter of Rs 192 crore, up more than 71% year on year (YoY), from Rs 112 crore in Q4 FY22. The revenue for the aforementioned quarter was Rs 1,499 crore, which is a rise of 54% YoY from Rs 974 crore in the corresponding quarter of FY22. Ebitda climbed by 4.02% to Rs 300.56 crore, and the Ebitda margin rose to 20.1% from 17.3% in Q4FY22. The company is yet to declare its Q1FY24 results.

Ratnamani Metals Tubes Share Price

On Wednesday, the shares of Ratnamani Metals Tubes opened today on the BSE at Rs 2570 apiece and while writing this copy the stock was trading at Rs 2550.90 with a downside gap of 0.69% over the previous close of Rs 2568.60. The stock made a 52-week-high of Rs 2,660.25 on (17/07/2023) and a 52-week-low of Rs 1,606.20 on (26/07/2022).

Ratnamani Metals Tubes Share Price Target

Om Mehra, Equity Technical Analyst · Choice Equity Broking said for the past few days the stock has been trading in a narrow range. Seems the stock has taken a pause after the decent rally. Considerably we can say that there can be an accumulation phase as there is a lesser movement in a short time frame.

After the breakout of the soccer pattern, the stock is sustaining within its previous support zone. The RSI is gradually trending higher, indicating increasing buying interest. Additionally, the price is approaching the middle Bollinger Band as well. One can accumulate from current levels or in tranches for a longer period of time. SL must be kept as 2420.

Disclaimer

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