Mazagon Dock Approves 1:2 Stock Split; Declares Rs 23.19 Dividend
Mazagon Dock board announces a 1:2 stock split and Rs 23.19 interim dividend. Learn about key dates, financial highlights, and expert advice with Liquide.
Stocks in News | In a significant development on October 22, 2024, Mazagon Dock Shipbuilders Ltd, a renowned state-run defence PSU, made a dual announcement that has caught the attention of investors.
The company's board of directors has approved a 1:2 stock split accompanied by a generous Rs 23.19 interim dividend. This move aims to comply with DIPAM guidelines, draw in more retail investors, and boost share liquidity.
Stock Split Details
The current face value of each stock in the state-run defence company is Rs 10. After the split, the new face value will be Rs 5 per share. This marks the first-ever stock split in the company's history.
The record date for the split has yet to be announced, as it is still awaiting shareholder approval.
Record Date for Interim Dividend
Alongside the stock split, the board has also declared an interim dividend of Rs 23.19 per fully paid equity share of Rs 10 each for the fiscal year 2024-25. This follows a final dividend of Rs 12.11 per share issued earlier in the year.
The record date for this interim dividend is scheduled for Wednesday, October 30, with the dividend payment to be completed by November 20, 2024.
Company Financials: Strong Performance in Q1 FY24
Mazagon Dock Shipbuilders, which specializes in the construction and repair of warships and submarines for the Ministry of Defence, reported impressive financial results for the quarter ending June 2024.
- Net Profit: The company recorded a consolidated net profit of Rs 696 crore, reflecting a 121% year-on-year increase from Rs 314 crore in the same quarter last year.
- Total Income: Total income for the April-June 2024 quarter climbed nearly 10% to Rs 2,628 crore, compared to Rs 2,405.42 crore in the year-ago quarter.
Expert Stock Investment Advice with LiMo
Should you buy MAZDOCK at current levels? Ask LiMo, the world's first AI copilot for stock investing, available exclusively through Liquide. LiMo provides detailed analyses, judgment, and actionable insights based on technical indicators to guide you on when to enter and exit trades.
Start your Investment Journey with Liquide
For an in-depth grasp of the financial markets and potential investment avenues, delve deeper with Liquide. Boasting advanced tools like LiMo and thorough market insights, Liquide equips you with the knowledge to make informed investment decisions. Download the Liquide App now and embark on a journey of informed and successful investing.