Cochin Minerals at new high on robust earnings, dividend bounty

The board has recommended dividend of Rs 12 per share for FY12, against Rs 1.75 per share in previous fiscal

Cochin Minerals & Rutiles has soared 10% to Rs 246 its lifetime high on reporting a robust net profit at Rs 27.38 crore for the quarter ended March 2012, against Rs 0.84 crore in the corresponding quarter of previous fiscal. Net sales too, more than doubled to Rs 74.47 crore from Rs 30.09 crore during the quarter under review.

For the entire fiscal FY12, the specialty chemicals maker has posted almost twelve-fold jump in net profit at Rs 57.08 crore, on back of Rs 239 crore net sales.

The board of directors of the company has recommended dividend of Rs 12 per share including Rs 10/- per share as special dividend for the financial year 2011-12.  The company had paid dividend of Rs 1.75 per share on face value of Rs 10 for the previous fiscal.

 

As many as 81,000 shares have already changed hands on the counter in morning deals, against an average sub 25,000 shares that were traded daily in past two weeks on the Bombay Stock Exchange.