Torrent Pharma Bonus Share Issue: Torrent Pharma, a large-cap pharma company with an m-cap of Rs. 49,361 crore, announced a bonus share issue in the proportion of 1:1. For the same, the ex-date is July 8 and the record date is July 11, 2022. Informing stock exchanges about the bonus share record date, Torrent Pharma said, “Pursuant to Regulation 42 of Listing Regulations,. the Company has fixed Monday, July 11, 2022, as the Record Date for the purpose of determining the names of Members who shall be entitled for allotment of bonus equity shares in the ratio of 1: 1 i.e. 1 (One) new fully paid-up equity share of Rs 5/- each for every 1 (One) fully paid-up equity share of Rs 5/ each held by the existing Members of the Company.”
The issuance of bonus shares by Torrent Pharma is another big news for its shareholders and stock market observers as the company has given a 460 per cent dividend to its shareholders in the fourth quarter of the financial year 2021-22 which includes a special dividend of Rs 15 per equity share. The pharma company has already given a Rs 25 per share dividend to its shareholders in the previous quarter.
In June 2022, Torrent Pharma announced a 460 per cent dividend as well. In its exchange communication to the Indian bourses, Torrent Pharma informed in June 2022, “A final dividend of Rs 23/- (460 per cent) per equity share of Rs. 5/- each including the special dividend of Rs. 15/- per equity share. The final dividend amount, if declared by the Shareholders, is proposed to be paid/ dispatched on or around August 4, 2022. Earlier an interim dividend of Rs. 25/- (500%) per equity share was paid during the last quarter.”
The pharma stock has announced a dividend of Rs 23 per equity share, including special dividend of Rs 15 per share in Q4 FY22 while it has already given Rs 25 per equity share dividend in the previous quarter. So, the pharma company has announced a dividend of Rs 48 per equity share in the financial year 2021-22. So, current annual yield of the pharma stock is 1.65 per cent [( Rs 48 / Rs 2900) x 100].
Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 2187.00 Crore, up 1.44 per cent from last quarter Total Income of Rs 2156.00 Crore and up 10.68 per cent from last year same quarter Total Income of Rs 1976.00 Crore. Company reported net profit after tax of Rs -118.00 Crore in latest quarter.
What Do Analysts Say?
ICICI Direct has a buy call on Torrent Pharmaceuticals with a target price of Rs 3250. The current market price of Torrent Pharmaceuticals is Rs 2908. The time period given by the analyst is one year when the company can reach the defined target.
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