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Jun 24, 2023

Multibagger Stock Soaring 382% in 1

By Malvika Gurung Investing.com -- Shares of the magnets and assemblies manufacturer Permanent Magnets (BO:PRMG) hit an all-time high of Rs 1,715.95 apiece on Wednesday. The stock has zoomed 6.11%

By Malvika Gurung

Investing.com -- Shares of the magnets and assemblies manufacturer Permanent Magnets (BO:PRMG) hit an all-time high of Rs 1,715.95 apiece on Wednesday.

The stock has zoomed 6.11% during the session, as it turns ex-dividend for a dividend of 15% for the financial year ended March 31, 2023, in the intraday trade.

Shares of the small-cap stock have shot up 156% so far in the calendar year 2023, and have skyrocketed 382.83% in the past year, making it a multibagger stock.

The Board of Directors of Permanent Magnets recommended a final dividend of Rs 1.5 per equity share on a face value of Rs 10 each, translating to 15% for the financial year 2022-23.

The corporate reward is subject to the approval of the magnetic assemblies manufacturer’s shareholders at its 62nd Annual General Meeting (AGM) scheduled to be held on Thursday, August 31, 2023, through video conferencing.

The small-cap company’s Board has fixed the record date for the purpose of determining members eligible to receive the said dividend as August 23, 2023.

The final dividend, if approved at the ensuing AGM, will be paid to eligible shareholders of the company on or before September 25, 2023.

The Register of Members and the Share Transfer Books of the bank will be closed from August 24, 2023, to August 31, 2023, both days included.

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