Swaraj Engines has surged 9% to Rs 448 after the board of auto parts and equipment maker recommended equity dividend of 300% or Rs 30 per share, including a special dividend for the financial year ended March 31, 2013.
“The board has recommended an equity dividend of 130% (Rs 13 per share) for the financial year ended March 31, 2013,” Swaraj Engines said in a BSE filing.
Following its investor friendly approach and keeping in view of Company’s surplus cash position, the board, over and above the said normal dividend, has further recommended a special dividend payment of 200% (Rs 20 per share), taking the total dividend to 330% (Rs 33 per share) for the FY 2012-13, it added.
Meanwhile, the company has reported a marginal 4% year-on-year growth in net profit at Rs 13.94 for the quarter ended March 2013 due to lower operational income.
The company’s engine sales during the quarter under review was restricted to 13, 686 units as compared to 14,274 units sold during the corresponding quarter of last year due to subdued tractor industry scenario.
The stock opened at Rs 412 and hit a high of Rs 450 on NSE. A combined 26,014 shares have changed hands on the counter till late noon deals on NSE and BSE.
“The board has recommended an equity dividend of 130% (Rs 13 per share) for the financial year ended March 31, 2013,” Swaraj Engines said in a BSE filing.
Following its investor friendly approach and keeping in view of Company’s surplus cash position, the board, over and above the said normal dividend, has further recommended a special dividend payment of 200% (Rs 20 per share), taking the total dividend to 330% (Rs 33 per share) for the FY 2012-13, it added.
Meanwhile, the company has reported a marginal 4% year-on-year growth in net profit at Rs 13.94 for the quarter ended March 2013 due to lower operational income.
The company’s engine sales during the quarter under review was restricted to 13, 686 units as compared to 14,274 units sold during the corresponding quarter of last year due to subdued tractor industry scenario.
The stock opened at Rs 412 and hit a high of Rs 450 on NSE. A combined 26,014 shares have changed hands on the counter till late noon deals on NSE and BSE.
