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Shares of Nelco are rising steadily as they are trading ex-dividend today!

06 June 20232 mins read by Angel One
Shares of Nelco are rising steadily as they are trading ex-dividend today!
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The opening trades of the session observed Indian headline indices struggling and being severely driven down, mainly due to significant losses in information technology stocks. The BSE Smallcap index, on the other hand, outperformed the main indices and stood strong. Nelco Ltd, a small-cap company, drew attention from investors due to its strong upswing in an otherwise weak market.

On an intraday basis on Tuesday, shares of Nelco Ltd soared more than 15%, with a significant surge in trading volume. As the record date for the dividend came closer, the shares of the company witnessed a strong rally and soared nearly 20% in just the last 5 trading sessions. For the dividend payment of Rs 2 per share to its eligible shareholders, shares are trading ex-dividend today.

The company also announced that, with the approval from the board of directors, it had entered into an agreement with the promoters and other shareholders of Piscis Networks Private Ltd for an initial investment of Rs 99,99,100, which represents 9.09% of Piscis Networks Private Ltd’s paid-up capital, and to make additional investments in the future to increase the company’s shareholding to at least 30% of Piscis Networks Private Ltd’s paid-up capital.

Considering the company’s quarterly performance, on a consolidated basis, it reported a healthy growth of 14.35% from Rs 71.69 crore registered in Q4FY22, recording total revenue of Rs 81.98 crore in Q4FY23. When comparing the net profit for the fourth quarter of FY23 to the same quarter last year, it soared 86.8% from Rs 3.03 crore to Rs 5.66 crore.

Nelco Ltd is focused on assisting its enterprise and government clients in realizing their full potential by providing solutions in the areas of VSAT connectivity, Satcom projects and integrated security & surveillance solutions.

Keep a close eye on this stock for the upcoming sessions!

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