Following the approval of a 200 per cent dividend, shares of this company surged over 6 per cent in a weak market! Do you own it?

Regarding the financial performance, it reported an outstanding growth of 238.54 per cent from Rs 635.24 crore in Q2FY22, posting a total revenue of Rs 2,150.52 crore in Q2FY23.

While Asian markets experienced mixed sentiments, Indian benchmark indices started off slightly higher before reversing their initial gains and ending lower. The only sectors that gained were BSE Fast Moving Consumer Goods (FMCG) and BSE Bankex. Shares of Aegis Logistics, one of the trending stocks in such a dismal market, surged over 6 per cent with a surge in volume.  

The stock witnessed significant buying after the board of directors of the company approved third interim dividend of 200 per cent i.e. Rs 2 per equity share of face value of Re 1 during the financial year 2022-23 and has fixed November 16, 2022 as the record date for the purpose of payment of interim dividend. The interim dividend shall be paid on or before December 7, 2022.  

Incorporated in 1956, Aegis Group is a key player in India’s oil and gas sector and its flagship company, Aegis Logistics Ltd, is India’s leading oil, gas and chemical logistics company.  The group operates with major industrial clients including Bharat Petroleum, Hindustan Petroleum, Reliance Industries, Tata Steel & Essar Steel and has five distinct but connected business segments, including liquid logistics, gas logistics, EPC services, retail LPG and marine.

Regarding the financial performance, it reported an outstanding growth of 238.54 per cent from Rs 635.24 crore in Q2FY22, posting a total revenue of Rs 2,150.52 crore in Q2FY23.   

Keep a close eye on this scrip for the upcoming sessions.