550% Dividend Declared: Buy The TATA Product Blue Chip Stock To Be Eligible?

Founded in 1954, Voltas Limited is a publicly traded corporation that is an arm of the prominent Indian multinational Tata Group, which operates in more than 100 countries on six continents. As the largest air conditioning company in India, Voltas provides a wide array of cooling and home appliances, such as air coolers, air purifiers, room air conditioners, washing machines, water dispensers, microwaves, dishwashers, and commercial refrigeration.

Voltas Dividend

"The Directors have recommended Dividend of Rs.5.S0 per share on face value of Re.1 per share (550%) for the year 2023-24 which shall be paid/despatched on or after fifth day from conclusion of ensuing 70th Annual General Meeting, subject to approval of shareholders of the Company," said Voltas in a stock exchange filing.

Voltas Financials

Compared to Rs. 9,667 Cr the previous year, the consolidated total income for the year that ended on March 31, 2024, was 32% higher at Rs. 12,734 Cr. Compared to Rs 307 crores the previous year, profit before tax increased by 58% to Rs 486 crores. Compared to last year, when net profit (after tax) was Rs 136 crores, it was Rs 248 crores in FY24. Compared with Rs. 3003 crores in the same quarter previous year, the consolidated total income for the quarter that ended on March 31, 2024, was up 42% to Rs. 4257 crores. In comparison to the same quarter last year, when PBT was RS.214 crores, it was RS.174 crores in the quarter under review. The net profit was Rs. 111 crores in Q4FY24, down from Rs. 143 crores in the same period the previous year.

Voltas Share Price Target

KKunal V Parar - VP of Technical Research and Algo said that based on recent observations on the daily chart, the stock has experienced profit booking from its all-time high but has found support around the 50-day Exponential Moving Average (EMA), indicating a potential rebound in price.

Furthermore, the stock's decline appears to have been halted by a significant support level formed by its previous bottom, reinforcing the likelihood of a bounce-back.

Additionally, the stock has filled the gap from its opening range on April 22nd, a common occurrence that often signals a reversal and suggests further upward movement.

On an hourly chart, the stock's trend remains upward, supported by the 200-day Simple Moving Average (SMA), indicating potential for continued upside momentum.

Moreover, the daily momentum indicator, Relative Strength Index (RSI), is trending along an upward trajectory, signaling positive momentum and aligning with expectations for a bounce-back move.

Considering these technical indicators, we anticipate a rebound in the stock, supported by the strong 1240 level. Our projected upside targets range between 1380 and 1450, reflecting potential gains in the near term.

Disclaimer

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