2022 Multibagger IT Stock Recommends Final Dividend

In the IT industry, Magellanic Cloud Ltd. is a small cap company with a market value of Rs. 985 crores. The company, a leading IT service provider, delivers creative solutions globally. The Board of Directors of the Company met on Thursday July 7, 2022 and recommended a final dividend.

The company said in the BSE exchange filing that “We would like to inform you that the meeting of the board of directors of the company was held today, i.e. Thursday 07 July 2022, and considered, decided and approved the following:”

  • Reappointment of Mr. Jagan Mohan Reddy Thumma [DIN: 06554945] as Chief Executive Officer for a further 5-year term, subject to member approval at the next Annual General Meeting;
  • Change of registered office from the State of Maharashtra to the State of Telangana, subject to the approval of the members at the following Annual General Meeting;
  • Recommend a final dividend of 0.50 (i.e. 5% of the nominal value) per Share of nominal value of 10/- each full release of the Company for the financial year ended March 31, 2022;
  • The 41st Annual General Meeting of the Society will be held on Wednesday, August 10, 2022 at 11:00 a.m. (IST) via OAVM (i.e. via Zoom Meeting);
  • The register of members and the share transfer books of the company will remain closed from Thursday August 04, 2022 to Wednesday August 10, 2022 (both days inclusive) in accordance with article 42 of the SEBI regulations (registration obligation and Disclosure), 2015 for the purposes of the 41st AGM;
  • Appointed Mr. Deep Shukla, Incumbent Company as Scrutineer to conduct the entire voting process at the Company’s 41st Annual General Meeting (including electronic voting) and to submit the report for declaration of results;

The action closed at Level of 350.80 on Friday, up 2.26% from its previous close of 343.05. The stock went from 73.60 as of July 12, 2021 at its current level over the past year, representing a multibagger return of 376.63%. Year-to-date (YTD) performance shows that the stock has gone from 75.45 on January 3, 2022, at 350.80 as of July 8, 3:30 PM IST, representing a multibagger yield of 364.94% so far in 2022. The stock has gained by 96.20 on January 10, 2022, at the current level over the last six months, which represents a multibagger return of 264.66%. Over the past month, the stock has climbed 5.63%. Magellanic Cloud shares hit a 52-week high of 448.10 on 03/10/2022 and a 52 week low of 37.25 on 11/15/2021, which puts the stock at a discount of 21.82% from its 52-week high and 840.40% above its 52-week low at the price current market.

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