With a yield of 2.05%, this sugar stock sets a record date for the dividend


In the sugar industry, Magadh Sugar & Energy Ltd. is a small cap company with a market valuation of Rs. 444 crores. The company belongs to the KK Birla group of sugar companies. The Company operates three sugar mills with a total grinding capacity of 17,500 TCD at New Swadeshi Sugar Mills in Narkatiaganj (West Champaran District, Bihar), Bharat Sugar Mills in Sidhwalia District, Bihar, and Hasanpur Sugar Mills in Hasanpur (Samastipur District , Bihar). The company also has a distillery in Narkataiganj with a total capacity of 60 KLPD and a cogeneration plant that produces 38 MW of electricity. Magadh Sugar & Energy announced a stock dividend of 65.00% with a nominal value of 10, or 6.5 per share, for the year ending March 2022. The dividend yield at the current share price of 316 is 2.05%. For dividend purposes, the company has set a record date to determine shareholder eligibility.

The company said in the BSE exchange filing that “pursuant to Regulation 42 of the Securities and Exchange Board of India (Registration and Disclosure Requirements) Regulations 2015, we hereby notify you that the company has fixed Thursday, July 14, 2022 as the Record Date for determining the rights of members to the final dividend of Rs. 6.50/- per capital share of 10/- each, if declared at the next Annual General Meeting of the Company scheduled for July 21, 2022. The Register of Shareholders and the Share Transfer Books of the Company will remain closed from Friday July 15, 2022 to Thursday , July 21, 2022 (both days inclusive) to said end.”

The stock was down 0.33% from yesterday’s close 317.05 and ended trading today at 316. The stock has fallen 14.64% over the past year, but is up 27.16% since the start of 2022. The 52-week high for Magadh Sugar shares on the NSE was at Rs. 455.95 on April 22, 2022, and the 52-week low was Rs. 230.00 on December 20, 2021, meaning the stock is now trading 30.69% below its 52-week high and 37.39% above its 52-week low. Using today’s closing price as a comparison, the stock is trading above the 200-day and 5-day moving averages, but below the 20-, 50- and 100-day moving averages.

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