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Multibagger textile stock fixes record date for dividend purpose

Suryaamba Spinning Mills Ltd is a small-cap company with a market capitalization of 55 Crore that operates in the textile industry. Suryaamba is a cutting-edge production plant geographically located in Nayakund, near Ramtek, Nagpur District (Maharashtra). The company is a prominent manufacturer of specialty synthetic spun yards, producing 14400 mt. tones of quality yarns per year, including 100% polyester and viscose spun yarns as well as blended synthetic yarns.

On May 16, 2022, the company’s Board of Directors recommended a final dividend of Rs. 1/- per equity share with a face value of Rs. 10/- for the fiscal year ended March 31, 2022, subject to shareholders’ approval at the next 15th Annual General Meeting (AGM). For the dividend purpose, the company has recently fixed the record date as 2nd July 2022.

“Further, Pursuant to the provisions of Section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014 (as amended), the Company has fixed Saturday, July 02, 2022 as the Cut-Off date to ascertain the eligibility of the Members of the Company entitled to vote electronically on the resolutions mentioned in the AGM Notice, as per the procedure and other details mentioned in the AGM Notice,” the company has said in BSE exchange filing.

Suryaamba Spinning Mills shares have produced a multibagger return of 102.68 percent to shareholders in the last year, and a multibagger return of 226.6 per cent in the last three years. Year to date (YTD), the stock has fallen 0.60 per cent so far in 2022, but it has gained 3.47 per cent in the previous six months. The stock has fallen 10.34 per cent in the last month and 5.45 per cent in the last five trading days. The stock closed at 189.10 on Friday, down 3.08 per cent from the previous close of 195.10. Based on the last traded price, the shares of Suryaamba Spinning are trading weaker than 5 days, 20-day, 50-day, 100 days and 200-day moving averages.

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