All-Time High Dividend of Rs 36: Ex-Date On Friday 21st June; Buy Bajaj Group NBFC Stock?

Pune is host to the corporate headquarters of Indian non-banking financial firm Bajaj Finance Limited. Bajaj Finance holds credit ratings of A1+ for short-term borrowing from CRISIL, India Ratings, and ICRA, AAA/Stable for long-term borrowing from CRISIL, CARE, and ICRA, and AAA/Stable for its Fixed Deposit programme from CRISIL and ICRA. S&P Global Ratings has assigned it a short-term rating of A-3 and a long-term issuer credit rating of BBB-/Stable. Bajaj Finance, a division of Bajaj Finserv Ltd., is an NBFC-Investment and Credit Company (NBFC-ICC) and a deposit-taking Non-Banking Financial Company (NBFC-D) that is registered with the Reserve Bank of India (RBI). Bajaj Finance shares are to be in focus tomorrow as it will trade ex-dividend for the highest ever payout to date of Rs 36 per share.

Bajaj Finance FY24 Dividend

"We are pleased to inform you that the Board of Directors of the Company at their meeting held on 25 April 2024, recommended dividend of Rs 36 per equity share of the face value of Rs 2 each, for the financial year ended 31 March 2024. The dividend, if approved by the shareholders at the ensuing Annual General Meeting ('AGM') scheduled on Tuesday, 23 July 2024, will be credited/ dispatched on Friday, 26 July 2024 and/ or Saturday, 27 July 2024, to all those shareholders holding shares in physical and electronic from as on record date i.e., Friday, 21 June 2024," said the NBFC company in a regulatory filing.

Bajaj Finance Latest News

During its meeting today, June 18, 2024, the company's Debenture Allotment Committee issued 1,74,200 NCDs on a private placement basis, with a face value of Rs. 1 lakh apiece aggregating to Rs 1,742 crore.

The Debentures are proposed to be listed on the Wholesale Debt Market Segment of BSE Limited. The tenure of the instrument is 2848 days and the coupon rate is 16.1767%. 15 May 2029 has been fixed as the maturity date.

Bajaj Finance Share Price Target

KKunal V Parar, VP of Technical Research and Algo at Choice Broking said, "On the daily chart, the stock has already broken out above the Upper Band of its Triangle formation. Despite the breakout, there hasn't been a notable surge in the stock yet. However, the stock has been consistently trading above its 50-day moving average, indicating a positive trend. Furthermore, a Hammer Candlestick formation has emerged on the weekly chart, suggesting a bullish reversal in the stock's trajectory."

"The daily RSI momentum indicator is trending above the 50 mark, indicating positive momentum in the stock. Based on this technical analysis, we anticipate a significant upside potential in the stock, targeting levels between 7,430 and 7,830, with strong support seen at 6,900 on the downside," the analyst suggested.

Disclaimer

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