Shares of Mazagon Dock Shipbuilders fell by 5.3% to a low of Rs 4,420 on the Bombay Stock Exchange (BSE) today, as investors reacted ahead of a crucial board meeting.
The meeting, scheduled for later today, will address the company’s Q2 results, consider the declaration of an interim dividend, and discuss a potential stock split.
In a filing to the stock exchanges, Mazagon Dock announced that the Board of Directors will convene on October 22, 2024, to deliberate on the following matters: the declaration of an interim dividend for the financial year 2024-25 and the sub-division of equity shares, in accordance with Section 61(1)(d) of the Companies Act, 2013.
The company also set October 30 as the record date to determine eligible shareholders for the interim dividend.
Over the past year, Mazagon Dock has declared an equity dividend of Rs 27.45 per share.
At its current share price of Rs 4,666.50, the company’s dividend yield stands at 0.59%, according to Trendlyne data.
If the board approves the stock split, it would mark the first such action in the company's history.
Notably, Mazagon Dock has experienced significant growth in its stock price, yielding multibagger returns of 124.8% over the last year. The stock surged by 104.3% this year and 113.2% in the past six months.
On Monday, shares of Mazagon Dock closed 3% higher at Rs 4,665.65 on the BSE, reflecting the company’s strong performance despite today’s decline
