50 per cent dividend declared after 7 years: Heavy buying witnessed in this multibagger small-cap stock under Rs 100; hit 52-week high!
The stock gave multibagger returns of 170 per cent in just 1 year whereas BSE Sensex Index is up by 9.70 per cent and BSE Financial Services Index is up by 12.65 per cent.
On Monday, the benchmark indices were trading in red with BSE Sensex Index down by 0.15 per cent at 65,223 and NSE Nifty-50 Index down 0.19 per cent at 19,390. Out of 3,797 stocks traded on BSE, 1,407 were advances, 2,214 were declines and 176 were unchanged.
Despite being the market in the red, shares of Jammu & Kashmir Bank Ltd surged 7.03 per cent to make a new 52-week high of Rs 79.55 per share. The shares of the company saw a spurt in volume by more than 2 times on BSE.
The company announced a final dividend of 50 per cent or Rs 0.50 per share for a face value of Rs 1 each. The company verified the record date for the final dividend as Thursday, August 08, 2023. The company declared a final dividend after 7 years, the last time it declared an interim dividend was in 2016. The interim dividend was Rs 1.75 per share for a face value of Rs 1 each.
According to the recently declared Quarterly Results, the net sales increased by 26.34 per cent to Rs 2,657 crore, the operating profit increased by 580.65 per cent to Rs 221 crore and the net profit increased by 107 per cent to Rs 331 crore in Q1FY24 compared to Q1FY23.
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Jammu & Kashmir Bank (J&K Bank), incorporated in Jammu & Kashmir, India, is a publicly held banking company engaged in providing a wide range of banking services including retail banking, corporate banking & treasury operations. The company has a market cap of over Rs 7,500 crore with a 3-year stock price CAGR of 65 per cent.
The stock gave multibagger returns of 170 per cent in just 1 year whereas BSE Sensex Index is up by 9.70 per cent and BSE Financial Services Index is up by 12.65 per cent. Investors should keep an eye on this Small-Cap private bank.
Disclaimer: The article is for informational purposes only and not investment advice.