This microcap stock jumped 11% to 52-week high ahead of ex-dividend date

Premco Global has announced a special dividend of Rs 39 per share of Rs 10 each (390 per cent) for the financial year 2024-2025

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Shares of textile company Premco Global climbed 10.89 per cent to hit a 52-week high of Rs 637 on the BSE during intra-day trade on Thursday.  The uptick in the stock price follows the company's announcement of a special dividend reward for its shareholders. Notably, the company's stock will trade ex-dividend date tomorrow, November 22, 2024.  

 

Premco Global, in an exchange filing dated November 12, 2024, said, " Board of Directors of Company at its meeting has inter-alia considered, adopted and approved the payment of special dividend of Rs 39 per share of Rs 10 each (390 per cent) for the financial year 2024-2025."  

 

The company added, "The special dividend shall be paid to the equity shareholders of the company whose names appear on the register of members of the company or in the records of the depositories as beneficial owners of the shares as on Friday, November 22, 2024, which is the record date fixed for this purpose."  

 

The dividend is scheduled to be paid to shareholders on or before December 11, 2024.  

 

Premco Global is a manufacturer of woven and knit elastic and non-elastic narrow fabric, tape, and webbing for use across various industries. The company specializes in the production of jacquard elastic tapes used in underwear manufacturing. As of November 21, 2024, Premco Global had a market capitalisation of Rs 199.66 crore on the BSE.   

Premco Global shares have a 52-week range of Rs 637- Rs 360 on the BSE. The company's shares have yielded a return of 52.15 per cent year-to-date. 

 

Furthermore, at the current market price, Premco Global shares offer a dividend yield of 1.59 per cent.

 

At around 01:28 pm on Thursday, Premco Global shares were trading at Rs 611.85, up 6.52 per cent from their previous close of Rs 574.40. Nearly 0.095 million shares of Premco Global worth around Rs 5.65 crore exchanged hands on the BSE today.  

 

In contrast, the BSE Sensex was trading at around 77,159.67 levels, down 418.71 points or 0.54 per cent.