Multibagger cement stock hits 52-week high on record date for final dividend

Shares of Dalmia Bharat Ltd were in focus today after the cement manufacturer fixed Friday, June 23, 2023 as the record date in respect of final dividend for the Financial Year 2022-23. The board of the firm has recommended a final dividend of Rs. 5/- per equity share at its meeting held on April 25, 2023.

In the afternoon session, Dalmia Bharat stock fell 2.44% to Rs 2115 against the previous close of Rs 2167.95 on BSE. The stock has fallen after two sessions of gains. It opened higher at Rs 2170.65 and extended gains to hit a 52 week high of Rs 2182.85 in early trade.

A total of 6914 shares of the firm changed hands amounting to a turnover of Rs 1.48 crore on BSE. Market cap of the firm fell to Rs 39,577 crore on BSE. At 1:27 pm, the stock was trading 2.63% lower at Rs 2111 on BSE. The cement stock has gained 66.19% in a year and gained 271.36% in three years delivering multibagger returns to shareholders.

Dalmia Bharat stock hit a 52-week low of Rs 1212.60 on June 20, 2022.

In terms of technicals, the relative strength index (RSI) of Dalmia Bharat stands at 73.7, signaling it's trading in the overbought zone. The stock has a beta of 1.1, indicating very high volatility in a year. Shares of Dalmia Bharat are trading higher than the 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

The company also said it has fixed Friday, June 23, 2023 as the "Cut-off Date" for the purpose of determining the members eligible to vote on the resolutions set out in the Notice of 10th Annual General Meeting. The remote e-voting period commences on Monday, June 26, 2023 (09:00 a.m. IST) and ends on Thursday, June 29, 2023 (05:00 p.m. IST).

Dalmia Bharat reported a 15.74% rise in sales to Rs 3912 crore in the March 2023 quarter against Rs 3380 crore in the March 2022 quarter. It posted a profit of Rs 589 crore in Q4 against Rs 595 crore in the March 2022 quarter. EBITDA climbed 3.67% to Rs 707 crore in Q4 against Rs 682 crore in the March quarter of 2022.

On an annual basis, net profit rose 26.84% to Rs 1035 crore for the fiscal ended March 2023 against Rs 816 crore for the fiscal ended March 2022. Sales climbed 20% to Rs 13,540 crore in the March 2023 fiscal against Rs 11,286 crore for the fiscal ended March 2022.

Dalmia Bharat is a cement manufacturing company. The company is principally engaged in the business of manufacturing and selling of cement and its related products. The company's segments include cement division and others. Its cement segment produces various grades of cement and its related products. Other segments include investment division and management services.

Also read: Jimny vs Thar: Maruti Suzuki shares launch price details. Can new offering give its stock a lift?

Also read: SpiceJet shares surge 8% today amid heavy volumes; here's why