Anil Agarwal-led diversified minerals company will discuss a third interim dividend for FY23 in its board meeting scheduled for November 22.
The company, in a filing on Thursday, said its board of directors will meet on November 22, 2022, to consider and approve a third interim dividend, if any for FY23.
The company has fixed November 30 as the record date to determine shareholders’ eligibility for the dividend.
So far for FY23, the company declared a total dividend of Rs 51 per share, in 2 interim dividends of Rs 19.5 and Rs 31.5 per share.
Earlier in FY22, the miner announced Rs 45 per share dividend. At the current price, this amounts to a dividend yield of 14.55%. Since 2001, the company has announced a total of 36 dividends, Trendlyne data showed.
Maintaining its neutral rating on the stock,
said, “With a bearish outlook on metal prices and with a possibility of a ban leading to a run up, we believe the stock is fully valued in the current environment.” The brokerage had suggested a target price of Rs 255, which signals a 18% downside from the current levels.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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