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Manaksia shares rise 3%, hit fresh record high as company board announced dividend

Manaksia shares rise 3%, hit fresh record high as company board announced dividend

Shares of Manaksia surged more than 3 per cent to Rs 181.15 on Monday as the company was commanding a market capitalization close to Rs 1,185 crore.

Pawan Kumar Nahar
Pawan Kumar Nahar
  • Updated Jun 5, 2023 11:30 AM IST
Manaksia shares rise 3%, hit fresh record high as company board announced dividendThe company board of Manaksia had announced a final dividend of Rs 3 per equity share for the financial year 2022-23.

Shares of multibagger stock Manaksia extended its gains and surged another 3 per cent on Monday to hit new lifetime highs. The stock of iron products players has risen over four-times in the last three year, while it is up more than 220 per cent from in the last five years. Shares of Manaksia surged more than 3 per cent to Rs 181.15 on Monday, before giving up its gains partially. The company was commanding a market capitalization close to Rs 1,185 crore. The stock has surged over 165 per cent from its 52-week low at Rs 68.35 on June 21, 2022. The company board of Manaksia announced a dividend for the shareholders of the company on Saturday. The board recommended a final dividend of Rs 3 per equity share (150 per cent over the face value of Rs 2 each) for the financial year 2022-23. However, the recommendation is subject to approval from the shareholders of the company.  

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Manaksia's net profit for the March 2023 quarter stood at Rs 10.57 crore, while the revenue from operations surged about 150 per cent on a year-on-year (YoY) basis to Rs 60.62 crore in the quarter ended on March 31, 2023, against a total income at Rs 24.56 crore in the same period last year, while EBITDA increased 27 per cent to Rs 11.58 crore for the quarter.

However, Manaksia's net profit zoomed 1,050 per cent to Rs 97.22 crore for the year ended on March 31, 2023, compared to a bottom line at Rs 8.46 crore in the year-ago period. Revenue from operations soared 130 per cent to Rs 143.34 crore during the entire year.

Incorporated in 1984, Kolkata-based Manaksia is a holding company of manufacturing subsidiaries located in India, Nigeria and Ghana, engaged in the manufacturing of aluminum, packaging products and iron & steel. Mark Steels, a wholly owned subsidiary is engaged in the manufacture of sponge iron at Purulia, West Bengal

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Manaksia has one step-down subsidiary company in Nigeria - Jebba Paper Mills Limited. Its wholly-owned subsidiary in Nigeria is the market leader in ROPP caps and crown corks in Nigeria. Another step-down subsidiary of Manaksia is Dynatech Industries Ghana, located at Accra, Ghana and engaged in the manufacture of flat steel products.

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Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Jun 5, 2023 11:30 AM IST
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