Multibagger small-cap stock fixes record date for dividend, takes yield to 3.05%

With a market valuation of ₹877.22 crore, Tamilnadu Petroproducts Ltd. is a small-cap company that engages in the chemicals industry. The company manufactures such as Caustic Soda, Chlorine & Derivatives, and Linear Alkyl Benzene (LAB). The Board recommended a dividend of Rs. 3.00 per fully paid-up equity share of Rs. 10 each at its meeting held on May 23, 2022, subject to the approval of the Members at the upcoming AGM. The dividend yield at the current market price of ₹98.10 is 3.05 per cent. The corporation has made the record date public in order to establish the shareholders' eligibility for dividend payments.

By announcing the date of AGM, the Board of Directors said in a regulatory filing that “The 37th Annual General Meeting of the Company is scheduled to be held on Thursday, 29th September 2022 at 03 .00 PM (1ST) through Video Conferencing ("VC") or Other Audio-Visual Means ("OAVM").”

By announcing the date for dividend payment, the Board of Directors of the company said in stock exchange filings that “As informed earlier, the Board at the meeting held on 23rd May 2022 has recommended a dividend of Rs. 3 .00 per equity share of Rs. 10/ - each, fully paid-up, (30%) subject to the approval of the Members at the aforesaid AGM. On such approval, the dividend would be paid/ warrant dispatched on Tuesday, 25th October 2022: In respect of shares held in physical form to those Members whose names appear on the Register of Members on 29th September 2022 and In respect of shares held in electronic form, to those members whose names appear in the list of beneficial owners furnished by National Securities Depository Limited ( NSDL) and Central Depository Services (India) Limited ( CDSL), the Depositories, as at the end of the business hours on 22nd September 2022.”

The shares of Tamilnadu Petroproducts Limited closed today at ₹98.10 apiece, down by 3.16% from the previous close. In the last 5 years, the stock has gained 86.68% and in the last 3 years, the stock has delivered a multibagger return of 185.07%. In the last 1 year the stock has fallen 29.83% and on a YTD basis has fallen 13.80% so far in 2022.