Mumbai: Shares of Mishra Dhatu Nigam Ltd (MIDHANI) surged over 7 per cent in early trade on Wednesday as investors anticipated a dividend announcement. The stock rallied up to 7.71 per cent, reaching Rs 282.80 per share on the Bombay Stock Exchange (BSE).

Board Meeting to Consider Interim Dividend for FY25

The board of directors of MIDHANI, a state-run defense company, is scheduled to meet today, March 19, to discuss an interim dividend for the financial year 2024-25 (FY25).

“This is to inform that a Meeting of the Board of Directors of the Company has been rescheduled to be held on Wednesday, the 19th March, 2025 to inter alia consider a proposal relating to declaration of Interim Dividend for FY 2024-25,” the company stated in a regulatory filing on March 12.

Initially planned for March 20, the board meeting was preponed to March 19.

Record Date and Ex-Dividend Date Announced

The company has set the record date for dividend entitlement as March 25, 2025. Shares of Mishra Dhatu Nigam will trade ex-dividend on the same day.

“The revised ‘Record date’ for entitlement for aforesaid Interim Dividend, if declared by the Board, will be Tuesday, the 25th March, 2025,” the company noted in its filing.

Mishra Dhatu Nigam’s Dividend Track Record

Mishra Dhatu Nigam has maintained a consistent dividend payout history. The company issued an interim dividend of Rs 1.41 per share on March 22, 2024, followed by a final dividend of Rs 1.67 per share on September 22, 2023.

In March 2023, the company paid an interim dividend of Rs 1.68 per share, while a final dividend of Rs 1.54 per share was issued in September 2022.

Stock Performance: Gains and Losses

The recent stock rally adds to its mixed performance over the past year. While Mishra Dhatu Nigam shares have gained over 5 per cent in the last month, they are down 18 per cent on a year-to-date (YTD) basis. Over the past year, the stock has dropped 22 per cent. However, in the past two years, the stock has witnessed an impressive gain of 48 per cent.