Forbes & Company is a bright spark today morning; from its close of Friday at Rs.516.75, it opened today at Rs.580 and went on to hit a new 52-week high at Rs.620.10.
The stock price surged to a new high after it declared a special interim dividend of Rs 65 per equity share (650%). Record date has been fixed for 25th August.
Along with this, the company also said that the board approved in principle, a proposal to enter into a 50:50 JV with Macsa ID for providing innovative laser marking and traceability solutions for the entire range of materials - metals & non-metals.
The company would subscribe to initial capital/shares to be issued under rights issue and will infuse upto Rs 2.5 crore in share capital in one or more tranches.
On the earnings front, the company reported a consolidated net profit of Rs.146 crore v/s net loss of Rs.4 crore (YoY). This was on a 6% net sales of Rs.122 crore; the rise in net profit was possible as it kept expenses more or less flat.