BSE 200 IT Stock: Rs 33/Share Dividend, Record Date On 14th June; Buy For TP Rs 5600 In The Near Term

With a market valuation of Rs 51,550 Cr, L&T Technology Services Ltd. is a reputable IT company featured in the BSE 200 index. A listed subsidiary of Larsen & Toubro Limited, L&T Technology Services Limited (LTTS) provides engineering and research and development (ER&D) services. As of March 31, 2024, it employed approximately 23,800 individuals throughout 22 global design centers, 28 global sales offices, and 104 innovation laboratories. The company is headquartered in India.

L&T Technology Services Dividend

The Board of Directors has recommended a final dividend of 1650 per cent, or Rs. 33/-per equity share with a face value of Rs. 2.00/-each. If approved by the company's shareholders, this dividend will be paid or dispatched within thirty days after the annual general meeting of the company.

"Pursuant to Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the 12 th Annual General Meeting (AGM) of the Company is scheduled to be held on Wednesday, June 26, 2024 at 4:00 p.m. (IST), through video conferencing or other audio-visual means (VC/OAVM). Pursuant to Regulation 42 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the Company has fixed Friday, June 14, 2024, as the "Record Date" for the purpose of determining the Members eligible to receive final dividend for FY 2023-24. The Final Dividend, if approved at the AGM,shall be paid by the Company on or after July 1, 2024," said L&T Technology Services in a regulatory filing.

"Final Dividend as recommended by the Board of Directors, if approved at the AGM, will be directly credited to the bank accounts of the shareholders holding shares as on the Record Date i.e., Friday, June 14, 2024, as per the details available with the Company," L&T Technology Services said in a statement.

L&T Technology Services News

On Tuesday, L&T Technology Services Limited and the Indian Institute of Technology Hyderabad (IIT Hyderabad) announced a partnership to promote advancements in the fields of cellular vehicle-to-everything (CV2X) communication and advanced driver assistance systems (ADAS).

"At IIT Hyderabad, we are dedicated to nurturing a culture of innovation and research excellence. The partnership with LTTS provides an opportunity for our students to immerse in real-world industry projects, while equipping them with practical experience and expertise in developing pioneering solutions within the ADAS and CV2X domains. We are confident that it will provide an invaluable exposure to cutting-edge technologies, preparing them to excel in shaping safer and more intelligent mobility industry," said Dr Rajalakshmi P Professor and Head of Department (Electrical Engineering), Indian Institute of Technology, Hyderabad.

"We are excited about the partnership with IIT Hyderabad for the future of connected vehicles. LTTS has a successful track record of offering high end engineering solutions to global automotive OEMs. By harnessing our collective strengths, we aim to pioneer transformative solutions that will elevate the safety and efficiency standards of connected vehicles", said Alind Saxena, Executive Director & President - Mobility & Tech at L&T Technology Services.

L&T Technology Services Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said, "LTTS is currently trading at Rs 4861, exhibiting a strong reversal from the bottom level. The price action has formed a Hammer candlestick with a follow up candle with substantial volume, signaling a bullish reversal. There is potential for LTTS to achieve a target price of Rs 5600 in the near term, making it advisable to consider purchasing on dips, particularly around Rs 4600. Additionally, LTTS is positioned above key Exponential Moving Averages (EMAs), including the 100-day, and 200-day EMAs. This alignment above these crucial EMAs enhances the bullish outlook, suggesting the possibility of a sustained upward price movement."

"To effectively manage risk, it is recommended to implement a stop-loss (SL) at Rs 4430. This precautionary measure is crucial to safeguard your investment in the event of an unexpected market reversal. In summary, considering the technical analysis and current market conditions, LTTS appears to present an attractive buying opportunity for those aiming for a Rs 5600 price target, provided that prudent risk management measures are in place," Mandar Bhojane further added.

Disclaimer

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