Blue Chip Stock Alert: Rs 28.15 Dividend, Ex-Date On 11th June; How To Be Eligible?

Asian Paints was founded in 1942 and over the next 25 years grew to become India's top paint producer and a corporate authority. Asian Paints produces a broad variety of paints for both industrial and decorative applications. One of the top ten decorative coatings firms in the world, Asian Paints is the premier paint and decor company in India. The firm is ranked eighth globally and second in Asia among the best coatings companies. With 27 paint production sites worldwide and operations in 15 countries, Asian Paints serves customers in more than 60 nations. In addition to Asian Paints, the group has operations across the world through its subsidiaries, which include Asian Paints Causeway, Taubmans, Asian Paints Berger, Apco Coatings, and Kadisco Asian Paints.

Asian Paints Upcoming Dividend

The Board of Directors "Recommended payment of final dividend of Rs. 28.15 (Rupees twenty-eight and paise fifteen only) per equity share of the face value of Re. 1 (Rupee one) each for the financial year ended 31st March 2024, subject to the approval of the shareholders at the ensuing 78th Annual General Meeting of the Company. The total dividend for the financial year ended 31st March 2024, aggregates to Rs. 33.30 (Rupees thirty-three and paise thirty only) per equity share of the face value of Re. 1 (Rupee one) each (dividend payout ratio of 60%), including the interim dividend of Rs. 5.15 (Rupees five and paise fifteen only) per equity share as approved by the Board of Directors at their meeting held on 26th October 2023, which was paid thereafter. The Company has fixed Tuesday, 11th June 2024 as the Record Date for determining the entitlement of members to the final dividend for the financial year ended 31st March 2024. The dividend, if approved by the shareholders will be paid on or after Thursday, 27th June 2024," said the company in a regulatory filing.

Value For Long-Term Investors

"Over the past two decades, our market capitalisation had experienced a remarkable CAGR of 25.5%, soaring from Rs 2,892 Crores as of March 31, 2004, to Rs 273,060 Crores as of March 31, 2024. Committed to delivering sustained value, we have consistently prioritised the interests of our stakeholders. Over the last 5 years, we have diligently increased our dividend payout ratio raising it to 60% in FY 2022-23. We have maintained the dividend payout ratio of 60% even for the financial year 2023-24 in line with our Dividend Distribution Policy which recommends a dividend pay-out ratio between 55% to 65% of our annual standalone Profit After Tax (PAT). Emphasising responsible financial management and growth, we provide sustainable returns, ensuring our shareholders continue to benefit from our progress," said Asian Paints in a statement.

Asian Paints Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said, "ASIANPAINT is currently trading at 2923.4 levels and appears to be in a consolidation phase within the range of 2777-3030. This range aligns with a robust support zone at 2777, encompassing within the support range of the stock. The convergence of these factors suggests a significant level of stability and a potential opportunity for traders and investors. It is noteworthy that the support zone encompasses the area just below the 20-Day EMA and 50-Day EMA, This indicates a region where the price is likely to find support, potentially leading to a rebound in the stock's value."

"A potential breakout above the upper boundary of this consolidation range, specifically above 3000 levels, could act as a catalyst for a bullish move. In such a scenario, traders might look to capitalize on the upward momentum, with a target set at 3111 and possibly beyond. The Momentum indicator, Relative Strength Index (RSI), currently stands at 55.60 levels, signalling a neutral stance. Traders and investors are advised to closely monitor the price action and be vigilant for a potential breakout. The support range, particularly around 2777 levels, could serve as a strategic entry or exit point. Overall, the analysis points towards a cautiously optimistic outlook for ASIANPAINT, contingent on a decisive breakout above the upper boundary of the consolidation range," Mandar Bhojane further suggested.

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.