2 Stocks Declares Rs 110 Dividend: What Chart Pattern Says Ahead of 1100% Payout?

Bajaj Holdings & Investment Limited and Maharashtra Scooters Ltd are the 2 stocks that have declared an interim dividend of Rs 110 per share on Friday. At a market cap of Rs 78,682.29 Cr, large-cap stock Bajaj Holdings & Investment closed on the BSE on Friday at Rs 7069.80 apiece and while at a market cap of Rs 8,580.23 Cr, mid-cap company Maharashtra Scooters closed on the BSE at Rs 7507.70 apiece.

Bajaj Holdings & Investment Dividend

For the fiscal year ending March 31, 2024, the Board of Directors of the company, at its meeting on Friday, September 15, 2023, declared an interim dividend of Rs. 110 (1100%) per equity share with a face value of Rs. 10. Friday, September 29, 2023 has been set as the record date for the purpose of the interim dividend. According to the firm, the aforementioned interim dividend will be credited on Friday, October 13, 2023.

Commenting on the share price target of Bajaj Holdings & Investment, Ameya Ranadive, Sr Equity and Derivatives Analyst · Choice International Limited said, "Bajaj Holdings, currently trading at 7103, exhibits a notable stability around the 6900 levels, marking this range as a pivotal resistance zone. This resilience suggests that the stock has found a strong foothold in this territory, bolstered by consistent rebounds at the 100-day Exponential Moving Average (EMA) since May.

This underscores the significance of the 100 EMA as a critical support level, further validating its importance in the stock's price dynamics. Furthermore, the Relative Strength Index (RSI) standing at 42 indicates a balanced position in terms of momentum. This suggests that the stock is not overbought or oversold at this point, indicating a potential equilibrium in market sentiment. This is an encouraging sign for investors, as it implies that the stock may not be subject to abrupt and drastic price swings in the immediate future. Considering these technical insights, adopting an accumulation strategy until the 6900 mark could be a prudent approach. With a price target range of 7450 to 7600, there appears to be a favorable potential for an upward trajectory."

AR Ramachandran from Tips2trades said, "Bajaj Holdings looks bearish on the Daily charts and a close below support of 6936 could lead to a target of 6250 in the near term. Resistance will be at 7240."

Maharashtra Scooters Dividend

For the fiscal year ending March 31, 2024, the Board of Directors of the firm, at its meeting on Friday, September 15, 2023, announced an interim dividend of Rs. 110 (1100%) per equity share with a face value of Rs. 10. Friday, September 29, 2023 has been set as the record date for the purpose of determining the members eligible to receive the interim dividend. The aforementioned interim dividend will be issued or credited on Friday, October 13, 2023.

Deven Mehata, Equity Research Analyst at Choice Broking believes, " MAHSCOOTER, currently trading at 7560.45, is near its all-time high of 7799. Over the past four weeks, the stock has shown a consistent pattern of forming higher highs and higher lows, a positive sign indicating an upward trend. On the daily chart, the stock has consolidated within a range between 7075 (which coincides with the 20-day Exponential Moving Average) and 7799. Several factors suggest bullish sentiment. The Relative Strength Index (RSI) is comfortably trading around 75, signifying strength in the stock.

Moreover, MAHSCOOTER is trading above important moving averages, reinforcing its upward momentum. For investors holding the stock, it's advisable to employ a trailing stop loss strategy, keeping it below the initial support level at 7000. This approach helps protect gains if the stock experiences a reversal. Additionally, for long-term investors, considering accumulation around the 7300-7200 range may be strategic. The target price of 8050 and beyond suggests optimism regarding the stock's potential for future growth, making it an appealing prospect for those with a long-term investment horizon. However, as with all investments, it's crucial to conduct thorough research and consider risk tolerance before making any decisions."

AR Ramachandran from Tips2trades said "Maharashtra Scooters looks bullish but also overbought on the Daily charts with next resistance at 7695. Investors should be booking profits at current levels as a daily close below support of 7242 could lead to a target of 6100 in the near term."

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.