Forbes & Co zooms 20% on special dividend cheer; stock up 53% in 3 days

The company has fixed Thursday, August 25, 2022 as the 'Record Date' for the purpose of ascertaining the shareholders who shall be eligible for receipt of special interim dividend.

Shares of Forbes & Company hit a new high of Rs 620.10, on rallying 20 per cent on the BSE in Tuesday’s intra-day trade after the company announced a special interim dividend of Rs 65 per equity share (650 per cent). In the past three trading days, the stock of household appliances company has zoomed 53 per cent from a level of Rs 404.25 on August 10, 2022.

At 10:11 am, Forbes & Company traded 16 per cent higher at Rs 598.50 on the BSE. In comparison, the S&P BSE Sensex was up 0.71 per cent at 59,885.

 “The board of directors of the Company at their meeting held on August 13, 2022 has approved payment of special interim dividend of Rs 65 per equity share (650 per cent),” Forbes & Company said on Saturday, August 13.

The company fixed Thursday, August 25, 2022 as the 'Record Date' for the purpose of ascertaining the shareholders who shall be eligible for receipt of special interim dividend.

Shapoorji Pallonji Group Company said the board approved in principle, a proposal to enter into a Joint Venture with Macsa ID for providing innovative laser marking and traceability solutions for the entire range of materials - metals & non-metals. It is proposed to set up joint venture company with equal participation of both, the Company and Macsa ID.

The Company would subscribe to initial capital/shares to be issued under rights issue. The Company would infuse upto Rs 2.5 crore in share capital in one or more tranches.

Macsa ID is one of the 4 leading companies internationally in the field marking and traceability and offers comprehensive solutions to the food, beverages, pharmaceutical, healthcare, cosmetics, industrial engineering sector which sector includes automotive, aeronautics, defense, construction etc. Macsa ID is recognized as a world leader in technological innovation in lasers for marking and coding.