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    Ramkrishna Forgings to trade ex-dividend today

    Synopsis

    Ramkrishna Forgings shares will trade ex-dividend on Tuesday following the announcement of an interim dividend of INR0.50 ($0.0067) for the fiscal period 2022-23. The record date was set at 9 May, with eligibility to receive the dividend to be determined by the end of the same day. The dividend yield stands at 0.49% based on the INR1.70 equity dividend per share paid over the past year. The company makes steel and iron forgings, with applications mainly in the automotive industry, as well as railway and defence sectors.

    Ramkrishna Forgings to trade ex-dividend todayETMarkets.com
    Shares of Ramkrishna Forgings, which have doubled investors' wealth in the last one year period will trade ex-dividend on Tuesday.

    The company had earlier announced an interim dividend of Rs 0.5 for the financial year 2022-23 and fixed May 9 as the record date for the same.

    The record date will determine the eligibility of the shareholders for the said dividend and it would be paid within 30 days from the date of declaration.

    Shares of companies trade ex-dividend on the day of record date or a day before. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment. An ex-dividend date also dictates which shareholders are eligible to receive the dividend payment.

    In the past 12 months, Ramkrishna Forgings has declared an equity dividend amounting to Rs 1.70 per share, which results in a dividend yield of 0.49%.

    Ramkrishna Forgings manufactures iron and steel forgings, mainly for the automobile industry along with other sectors such as railways and defense.

    The company is also a critical safety item supplier for screw coupling, bolster suspension, side frame keys and draw gear assembly for railway coaches and wagons. It is also a preferred supplier to OEMs like Tata Motors, Ashok Leyland, VE Commercial among others.

    Ramkrishna Forgings stock has given multibagger returns to investors in the last one year period. It has risen 101% during this period and is up about 31% on a year-to-date basis.

    The company has reported largely in-line performance during the fourth quarter and the management has guided for a strong performance in FY24 backed by a strong order book and commissioning of new capacities by the end of first half.

    With in-line delivery, the management reiterated a 15-20% volume growth guidance for FY24E and hopes to sustain high margins.

    Brokerage Sharekhan has maintained its Buy rating on the stock, post the fourth quarter results, with a revised target price of Rs 406, led by a 17% EBITDA CAGR, expectation of fall in debt, successful commissioning of new capacities and execution of its

    strong order book.

    (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)








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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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