Mukul Agrawal Multibagger Stock To Turn Ex-Dividend This Week For 125%: Buy?

Ion Exchange (India) Ltd is a mid-cap company dealing in the Construction sector. One of the top providers of water and environmental management solutions in India is ION Exchange. The company has declared a dividend of 125% for FY23 and as per the data of BSE the stock is going to trade ex-dividend on 30th August 2023.

ION Exchange Dividend

The Board of Directors has recommended a dividend of Rs.12.50 (125%) per equity share of face value of Rs. 10/- each for the financial year 2022-23.

As per the data available on BSE, Ion Exchange has fixed ex-dividend date as 30th August and due to the T+1 settlement mechanism of the company the record is also falling on the same date/day.

ION Exchange Financials

The company's standalone profit after tax (PAT) for the first quarter of FY24 was Rs 38.39 crore, down from Rs 72.17 crore in the March 2023 quarter. However, when compared to YoY, PAT increased 23.36 percent from Rs 31.12 crore in the similar quarter of 2022-23. From Rs 620.44 crore in Q4 FY23, revenue from operations decreased sequentially to Rs 448.63 crore in Q1FY24. However, compared to the Rs 357.97 crore number from the same quarter last year, it jumped by 25.32 percent YoY. A total of Rs. 407.43 crore was total expenses recorded, compared to Rs. 333.45 crore in Q1 FY23 and Rs. 533.74 crore in Q4 FY23. On a consolidated basis, Q1 PAT grew by 19 percent YoY to Rs 33.3 crore, while revenue climbed 25.3 percent to Rs 479.22 crore in Q1FY24.

ION Exchange Share Price Target

Om Mehra, Equity Technical Analyst · Choice Equity Broking Private Limited said, "ION EXCHANGE is currently trading at 474 after attaining an all-time high of 609.80. Simultaneously from the weekly chart, it has buoyant support at around 450 levels. However small profit booking from higher levels cannot be ruled out. Stock is trading higher than 50 and 200-day moving averages. RSI currently remains at 48. Volume participation in the daily chart confirms the positive price action. Furthermore, investors would expect stronger outcomes from the Energy sector as well. Indicators such as Bollinger bands indicate the stock is trading above the lower band as buyers are fascinated at the current market price. One can accumulate in tranches and in pullback. Based on the above parameters we remain optimistic on the stock as it may potentially deliver decent returns in the short to medium term."

ION Exchange Shareholding

During Q1FY24, the company recorded promoters shareholding of 26.94%, FIIs stake of 2.44%, DIIs stake of 11.66%, public stake of 42.78% and other stake of 16.18%. As per the shareholding pattern of ION Exchange India for the April-June quarter of the current fiscal, ace investor Mukul Mahavir Agrawal held 25,74,710 shares which is 1.76 per cent of the total paid-up capital of the company.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.