Business

Mid-cap company declares 300% dividend, scenario hits 52-week low


With a market capitalization of $6,896.80 Cr, Saregama India Ltd. is a medium-sized business operating in the consumer discretionary industry. Saregama India Ltd., a division of RP Sanjiv Goenka Group, is the oldest multilingual music company, studio and digital content producer in India.

The company said today in a stock exchange filing that “Based on Regulation 42 of the SEBI Listing Regulations, the Board of Directors has approved and declared an interim dividend of Rs.3/- per share (i.e. 300% of the par value of Re .1/- each) of the contributed share capital of the Company payable to those members whose names are in the Register of Members of the Company or will appear as the beneficial holder (according to details provided by Depository viz., National Securities Depository Limited and Central Depository Services (India) Limited) at the end of business hours on Thursday, 2nd February 2023, is the record date for determining the membership eligibility for the aforementioned interim dividend.

During the quarter ended December 2022, Saregama India Ltd. reported consolidated net sales of $185.46 cores vs $150.34 cores for the quarter ended December 2021, reflecting a year-over-year increase of 23.36%. In Q3FY23, Saregama India’s net profit increased 21.01% to $52.52 magnetic cores $43.40 cores in Q3FY22. The company has announced an EPS of $2.71 per share in Q3FY23, vs $2.36 posted last quarter.

Shares of Saregama India Limited today closed on NSE at $361.85 each, up 3.40% from the previous closing level of $349.95. The stock recorded a total volume of 303,077 shares compared to the 20-day average volume of 158,679 shares. The share price today hit a new 52-week low of Rs. 345 per piece, which is also the low of the day and reached an intraday high of Rs. 364. Stocks hit a 52-week high of $539.90 on January 19, 2022, showing that after hitting a 1-year low today, the stock is trading at a 32.97% discount from its 1-year high .


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