Stovec Industries Limited, a small cap capital goods company specializing in printing solutions, has garnered attention with its recent announcement of a final dividend of Rs. 17 per equity share (170%) for the financial year ended December 31, 2023. As the stock boasts a 7.81% dividend yield over the past 12 months, investors are evaluating its potential as a wise bet, especially considering its debt-free status and robust financial performance.
Details of Stovec Industries Dividend: The Board of Directors has recommended a substantial final dividend, subject to shareholder approval at the upcoming Annual General Meeting (AGM). The dividend amounts to Rs. 17 per equity share of Rs. 10/-each. Stovec Industries Ltd. has a track record of consistently distributing dividends, and this move reflects its commitment to rewarding shareholders.
Financial Highlights:
- Stovec Industries Ltd. reported a net sales figure of Rs. 57.97 crore in the December 2023 quarter, marking a 4.85% decrease from the corresponding period in 2022.
- The net profit for Q3FY24 stood at Rs. 4.01 crore, witnessing a substantial 140.75% increase from Q3FY23.
- EBITDA reached Rs. 6.77 crore in the reporting quarter, indicating a robust 54.21% growth from the same quarter of FY23.
Share Price Target and Technical Analysis: According to market analyst AR Ramachandran from Tips2trades, Stovec Industries is currently overbought and exhibits a bearish trend on the Daily charts. Strong resistance is noted at 3037, and a daily close below the support of 2800 could potentially lead to a near-term target of 2507.
Disclaimer: The recommendations mentioned are derived from market analysts and do not constitute advice from the author or the brokerage firm. Investors are urged to exercise caution and consult certified experts before making any investment decisions, as neither the author nor Greynium would be liable for losses resulting from decisions based on this information.
