Akzo Nobel slumps ex-dividend

Akzo Nobel India lost 8.99% at Rs 1,049.90 at 11:16 IST on BSE as the stock turned ex-dividend today, 30 July 2013, for total dividend of Rs 80 per share for the year ended 31 March 2013.

Meanwhile, the BSE Sensex was down 15.98 points, or 0.08%, to 19,577.30

On BSE, 2,361 shares were traded in the counter as against an average daily volume of 4,086 shares in the past one quarter.

The stock hit a high of Rs 1,060 and low of Rs 1,000 so far during the day. The stock hit a record high of Rs 1,195.70 on 21 May 2013. The stock had hit a 52-week low of Rs 820 on 5 October 2012.

The stock had outperformed the market over the past one month till 29 July 2013, rising 1.67% compared with the Sensex's 1.02% rise. The scrip had also outperformed the market in past one quarter, gaining 15.92% as against Sensex's 1.06% rise.

The mid-cap company has an equity capital of Rs 46.66 crore. Face value per share is Rs 10.

Before turning ex-dividend, the Akzo Nobel India stock offered a dividend yield of 6.94% based on the closing price of Rs 1,153.55 on Monday, 29 July 2013.

Akzo Nobel India's net profit fell 20.1% to Rs 62.50 crore on 43.8% fall in net sales to Rs 524.67 crore in Q4 March 2013 over Q4 March 2012.

Akzo Nobel India's board of directors at its meeting held on 20 May 2013 had recommended a dividend of Rs 20 per share plus a special dividend of Rs 60 per share for the financial year ended 31 March 2013. Akzo Nobel India declared total dividend of Rs 80 per share for the year ended 31 March 2013.

Akzo Nobel India is a significant player in the paints industry.

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