BSE 200 Stock Declares Record Date For 150% Interim Dividend; Buy?

A large-cap firm operating in the industrial sector is Astral Ltd. Astral started manufacturing polymer piping systems for household and industrial uses in 1998. Astral manufactures a vast array of products in the Pipes category and is known for being the company that first introduced CPVC pipe in India. It also announced an interim dividend of 150% along with its Q2FY24 results. Details can be found in full here.

Astral Dividend

The company's Board of Directors has announced an interim dividend at a rate of Rs. 1.50 per share with a face value of Rs. 1 for the fiscal year 2023-2024. The 27th of October 2023 has been set as the record date for identifying the shareholders who are eligible to receive payment of the aforementioned interim dividend. The eligible shareholders will receive the interim dividend after October 27, 2023.

Astral Q2 Results

For the second quarter that ended on September 30, 2023, Astral Ltd. recorded a 90% year-on-year (YoY) rise in net profit at Rs 131.2 crore compared to a net profit of Rs 69.1 crore during the same quarter last year. Total revenue for the quarter was Rs 1,363 crore, which is a rise of 16.3% from Rs 1,172 crore in the corresponding period of the previous year. In the second quarter of the current fiscal year, EBITDA jumped 53% to Rs 220 crore from Rs 144 crore in Q2FY23. EBITDA margin was 16.1% in Q2FY24 as opposed to 12.3% in the same period of the prior fiscal year.

Astral Share Price Target

Ameya Ranadive CMT CFTe Equity Research Analyst, Choice Broking said, ASTRAL is currently trading at Rs 1852. On the daily chart, the price is trading in a rising channel. On a higher time frame, the trend remains bullish. The crucial support level is at 1810, and if the price falls below this level, the trend will change into a bearish one. Currently, ASTRAL appears to be bearish, with the next potential support levels being in the range of 1820-1810. On the higher side, resistance can be expected in the range of 1980-2000. Further down, if the bearish trend continues, the next support levels can be found at 1725-1650.

"Furthermore, ASTRAL is currently trading below critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, and 100-day EMAs. This positioning reinforces its bearish momentum and suggests the possibility of further downward price movement. Notably, a key support level is observed near 1764, where the 200-day EMA is situated," Ameya Ranadive further added.

The equity research analyst of Choice Broking went on to add that "The Relative Strength Index (RSI) is currently at 40 and trending downwards, indicating increasing momentum on the lower side. Additionally, the Stochastic Relative Strength Index (Stoch RSI) has recently experienced a negative crossover from the overbought region. This combination of technical indicators suggests that ASTRAL may have the potential to reach a support level in the range of 1810-1770 in the short run."

Disclaimer

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