Industrial equipment company 3M India, a subsidiary of US-based 3M Co, has recently announced a whopping 8,500% interim dividend to its shareholders. The company will pay Rs 850 for each share with a face value of Rs 10. On November 9, the company’s board of directors decided to fix the record date for the dividend as November 22.
Net profit of 3M India rose 65.42% to Rs 106.23 crore in the quarter ended September 2022 as against Rs 64.22 crore during the previous quarter ended September 2021. Sales rose 16.26% to Rs 976.70 crore in the quarter ended September 2022 as against Rs 840.10 crore during the previous quarter ended September 2021.
On Friday, the company’s scrip on BSE closed 1% higher at Rs 24,260. Its market cap is Rs 27,428 crore.
3M India was established in 1988 and has its headquarters in Bengaluru with branch offices in Mumbai, Gurgaon, Pune, Kolkata, and Chennai.
