Blue Chip Pharma Stock Recommends Highest Ever Dividend of Rs. 13/Share: Buy The BSE 100 Scrip To Be Eligible?

Cipla is a large-cap multinational pharmaceutical company that operates in more than 80 countries and offers more than 1,500 medicinal products in more than 50 dosage forms covering a range of therapeutic categories. With the Board of Directors declaring the highest-ever dividend of Rs. 13 per share for FY24, the blue-chip pharmaceutical stock is in focus.

Cipla FY24 Dividend

The Board of Directors "Recommended payment of final dividend of Rs. 13 per equity share (face value of Rs. 2 per equity share) for the financial year ended 31st March 2024. The dividend, upon approval by the shareholders, will be paid within 30 days from the date of the Annual General Meeting. The record date for the purpose of payment of final dividend, if declared, shall be 2nd August 2024. Decided to hold the 88th Annual General Meeting ('AGM') of the Company on Tuesday, 20th August 2024," said Cipla in a regulatory filing.

Cipla Financials

In the March 2024 quarter, the company's consolidated net profit rose by 78.7% to Rs 931.87 crore from Rs 521.51 crore during the same period the previous year. It further stated that the consolidated total revenue from operations for the quarter under review was Rs 6,163.24 crore, up from Rs 5,739.3 crore during the same time last year. Compared to Q4FY23, which had a total expense of Rs 4,946.14 crore, Q4FY24 saw higher total expenses of Rs 5,153.31 crore. EBITDA (earnings before interest, tax, depreciation, and amortisation) jumped by 12% YoY to Rs 1,316 crore, while margins climbed by 80 basis points to 21.3%.

Cipla Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said, "CIPLA, currently trading at Rs 1374, has recently been consolidating near its daily trendline on the daily chart. The current price trend suggests a robust bullish momentum above Rs 1430, with expectations of further upward movement towards the Rs 1520 and Rs 1560 levels. On the downside, substantial support is evident near Rs 1340. The Relative Strength Index (RSI) stands at 44, signaling sideways movement."

"To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 1320 to protect the investment in case of an unexpected market reversal. A prudent strategy involves considering buying opportunities on market dips at levels of Rs 1350. In summary, considering the technical analysis and prevailing market conditions, CIPLA appears to present a promising buying opportunity for those targeting a Rs 1560 price objective, contingent upon the implementation of prudent risk management measures," the analyst further stated.

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.