Mid cap company declares 300% dividend, scrip hit 52-week-low

The company has said today in a stock exchange filing that “Pursuant to Regulation 42 of the SEBI Listing Regulations, the Board have approved and declared an interim dividend of Rs.3/- per equity share (i.e. 300% on the face value of Re.1/- each) on the paid-up equity share capital of the Company payable to those members whose names appear in the Register of Members of the Company or will appear as beneficial owners (as per particulars furnished by the Depositories viz., National Securities Depository Limited and Central Depository Services (India) Limited) at the closure of the business hours on Thursday, 2nd February, 2023, being the record date to ascertain the eligibility of members to receive the said interim dividend.”

In the quarter that ended in December 2022, Saregama India Ltd. reported consolidated net sales of ₹185.46 crore compared to ₹150.34 crore in the quarter that ended in December 2021, reflecting a YoY rise of 23.36%. In Q3FY23, Saregama India’s net profit rose 21.01% to ₹52.52 crore from ₹43.40 crore in Q3FY22. The company posted an EPS of ₹2.71 per share in Q3FY23, compared to ₹2.36 posted in the year-ago quarter.

The shares of Saregama India Limited closed today on the NSE at ₹361.85 apiece level, up by 3.40% from the previous close of ₹349.95. The stock recorded a total volume of 303,077 shares compared to the 20-Day average volume of 158,679 shares. The share price today hit a new 52-week low of Rs. 345 per piece, which also serves as its intraday low, and reached an intraday high of Rs. 364. The stock touched a 52-week-high of ₹539.90 on (19-January-2022), indicating that after touching its 1-year low today, the stock was seen trading at a discount of 32.97% from its 1-year high.