4th Interim Dividend of Rs. 10.80 For FY24: Record Date On May 23, Payable After June 05; Buy/Sell?

With more than 6 decades of experience, The Great Eastern Shipping Company (GESHIP) is the largest shipping enterprise in the private sector in India. The company's two primary lines of operation are offshore and shipping. The shipping industry handles the transportation of dry bulk products, petrol, petroleum products, and crude oil. Through its subsidiary Greatship (India) Limited, the offshore business provides oil corporations with offshore exploration and production services.

The Great Eastern Shipping Company Dividend

"The Board of Directors have declared 4th interim dividend of Rs. 10.80/- per share for the financial year ended March 31, 2024 to the equity shareholders of the Company. The 'Record Date' fixed for the purpose of ascertaining the shareholders eligible for receiving interim dividend is May 23, 2024. The interim dividend will be paid to the shareholders on or after June 05, 2024," said the company in a stock exchange filing.

The Great Eastern Shipping Company Financials

For the quarter ending in March 2024, the company's consolidated profit after tax (PAT) climbed by 25.37 per cent to Rs 905.08 crore. During the same period last year, its net profit was Rs 721.94 crore, the company reported in a regulatory filing. Consolidated revenues for the quarter under review climbed as well, from Rs 1,550.27 crore in Q4FY23 to Rs 1,726.25 crore. From Rs 853.22 crore in Q4FY23 to Rs 784.66 crore in Q4FY24, the company's total expenses dropped. Over the course of the year, net profit climbed by 1.52% to Rs 2,614.18 crore from Rs 2,575.01 crore in the year that ended in March 2023.

The Great Eastern Shipping Company Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said, "On May 14, 2024, GESHIP is currently trading at Rs 1050, marking a notable 10% surge and nearing an all-time high. This upward momentum is supported by a consistent pattern of higher highs and higher lows on the daily chart, accompanied by robust trading volume, indicating a strong upward trajectory in the stock. The Relative Strength Index (RSI) stands at 56.2 and is trending upwards, signifying a significant surge in buying momentum."

"The overall trend for GESHIP is bullish, with various technical indicators reinforcing the optimistic outlook. Given these signals, there is potential for the stock to reach a target price of Rs 1300 in the near term. It is advisable to consider buying on dips, particularly around Rs 990, to capitalize on potential retracements in the stock price. To prudently manage risk, implementing a stop-loss (SL) at Rs 950 is recommended. This precautionary measure is crucial to safeguard investments in the event of an unexpected market reversal," the analyst further recommended.

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.