Somany Ceramics share price was up 2 percent intraday on March 18 after the company declared an interim dividend. The tiles maker declared an interim dividend of Rs 2.40 per share, which is 120 percent higher compared to the face value of Rs 2 each, for the financial year 2020-21.
The company said it has fixed March 25 as a record date for determining the entitlement of equity shareholders to receive interim dividend, it said in an exchange filing.
Investors holding shares of a company on the record date are eligible for the dividend. Since exchanges follow a T+2 cycle, one has to buy shares of any given company at least two days before the record date to be eligible for the dividend.
The stock was trading at Rs 428.60, up Rs 8.50, or 2.02 percent at 10:15 hours. It has touched an intraday high of Rs 436.75 and an intraday low of Rs 420.15.
The Board of Somany Ceramics at its meeting held on March 17, 2021, also approved the modernisation-cum-expansion of the production line at the Kassar Plant of the company.
At the board meet on March 17, the company's board also decided to make an investment in its subsidiary Sudha Somany Ceramics Private Limited (SSCPL) to grant inter-corporate loan to SSCPL in one or more than one tranche with a maximum cap of Rs 42 crore in aggregate for said transactions, the company said in another filing to the exchanges.
"The proposed investment is towards the capacity expansion of 3.6 million square meters per annum of Glaze Vitrified Tiles (GVT) by M/s Sudha Somany Ceramics Private Limited," the company added.
According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has zero promoter pledge with FII / FPI or institutions increasing their shareholding.
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