By Malvika Gurung
Investing.com — Shares of the leading and blended yarns manufacturer Nitin Spinners (NS:) surged 4.2% on the NSE and were trading 2.9% higher at Rs 232.15 apiece at the time of writing.
The shares are on the rise despite weakness in the broader equity market, as benchmark indices and were down about 0.4% each.
The textile company’s board of directors had approved a final dividend of Rs 2.5/share during its meeting on May 12, 2022, in addition to the interim dividend of Rs 1.5/share paid by the company in Feb 2022.
The company’s board has fixed Sept 8, 2022, as the record date for the payment of the final dividend to eligible shareholders for the financial year 2021-22.
This means Nitin Spinners’ shares are trading ex-dividend on Wednesday. The total dividend paid out by the small-cap company totals Rs 4 apiece in FY22.
Renowned investor Dolly Khanna holds over 8.67 lakh equity shares of the textile company, translating to a 1.54% stake, as per the company’s latest shareholding pattern.
FIIs seem to be on a buying spree as they are consistently increasing their stake in the company. As of June 2022, FIIs held around 4.26% interest in the company which was around 1.23% a year ago, as per an Investing.com analysis report.