Clariant Chemicals up 18%, hits 52-wk high on special dividend of Rs 140/sh

Shares of Clariant Chemicals (India) zoomed 18 per cent to Rs 575 on the BSE on Monday after the company announced a special interim dividend on equity shares of Rs 140 per share (1400 per cent) for the current financial year 2020-21 (FY21).

The company has fixed July 18, 2020 as the record date for the purpose of payment of special interim dividend. The dividend shall be paid on or after July 19, 2020, it said.

The stock of the specialty chemical was trading at its fresh 52-week high level. In the past three months, it has rallied 106 per cent as compared to 20 per cent rise in the S&P BSE Sensex.

For the previous financial year 2019-20 (FY20), Clariant Chemicals (India) had reported a more-than-double net profit at Rs 71 crore, compared to Rs 30 crore in the corresponding previous year (FY19). The company's sales from continuing operations, however, grew marginally at 5.4 per cent to Rs 757 crore for FY20, as compared to sales of Rs 719 crore in FY19.

"The Company’s strong bottom line and cash performance is a result of the continued momentum from strategy to drive profitable growth while expanding presence in the market with superior products," the management said.

At 09:53 am, the stock was trading 14 per cent at Rs 556 on the BSE, as compared to 0.78 per cent rise in the S&P BSE Sensex. The trading volumes on the counter jumped over five-fold with a combined 3.8 million equity shares changing hands on the NSE and BSE till the time of writing of this report.