750% Dividend: Large Cap Stock To Turn Ex-Dividend This Week For Rs 75; Buy?

In the textile industry, Page Industries is a large-cap firm. With its headquarters located in Bangalore, Page Industries Limited is an Indian company that produces and sells loungewear, socks, and innerwear. The stock is going to trade ex-dividend this week for 750%.

Page Industries Dividend

The Board of Directors of the company at their meeting has declared 2nd interim dividend 2023-24 of Rs. 75/- per equity share. "As informed earlier, the record date fixed for the payment of interim dividend is 18 November 2023. The date fixed for payment of dividend is on or before 6 December 2023," said Page Industries in a stock exchange filing. Due to the T+1 settlement mechanism of the company, the ex-dividend date will fall on the same day.

Page Industries Q2 Results

For the September 2023 quarter of FY24, the company recorded a consolidated net profit of Rs 150.27 crore, down 7.3 per cent from Rs 162.12 in the same time the previous year. According to a regulatory filing, the company's total sales decreased 8.39 percent to Rs 1,125.13 crore in Q2FY24 from Rs 1,228.20 crore in Q2FY23. For the quarter, earnings before interest, tax, depreciation, and amortization (EBITDA) was Rs 233.4 crore during the quarter under review, a 1.9 per cent year-on-year drop. EBITDA margin was 20.7% as opposed to 19% in the year-ago quarter.

Page Industries Share Price Target

Mandar Bhojane-Equity Research Analyst at Choice Broking said, "PAGEIND, currently trading at Rs 38,000, recently underwent a reversal from the support trendline of an ascending triangle pattern on its weekly chart, accompanied by substantial trading volume. The price is anticipated to consolidate at the support level within the range of Rs 37,200 to Rs 38,800. During this consolidation, the price is expected to remain sideways. Above the Rs 38,800 level, a bullish momentum is expected to emerge, with potential short-term targets of Rs 39,850 and Rs 42,300, which also acts as a resistance."

"Over the past week, the stock has demonstrated robust support at the Rs 36,420 level, indicating notable price stability. Furthermore, PAGEIND is currently trading above key Exponential Moving Averages (EMAs), including the 20-day and 50-day EMAs. This underscores its bullish momentum and suggests the potential for further upward price movement. The Relative Strength Index (RSI) is presently at 53.3 and is on an upward trajectory, indicating increasing buying momentum. Additionally, the Stochastic Relative Strength Index (Stoch RSI) is displaying a positive crossover. This combination of technical factors suggests that PAGEIND may have the potential to reach a target price of Rs 42,300 in the near term," the analyst further added.

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.