BSE 500 Stock Turns 350% Ex-Dividend Today: Do You Own?

A mid-cap firm operating in the iIndustries sector is Finolex Cables Ltd. The major producer of electrical and communications cables is Finolex Cables. This BSE 500 stock is in focus today as the scrip trades ex-dividend for 350%. According to information readily available on BSE, the company has set 22/09/2023 as the record date for the final dividend, which it has set at Rs 7 per share for FY23.

Finolex Cables Dividend

At its meeting on May 26, 2023, the board of directors of the firm recommended a dividend at 350%, or at Rs. 7.00 per equity share of Rs. 2 each fully paid up, for the fiscal year that ended on March 31, 2023. If approved at the upcoming annual general meeting, the dividend recommended by the board will be paid to eligible shareholders who held equity shares of the firm as of the record date on September 22, 2023.

Finolex Cables News

On Thursday, Finolex Cables Limited, the leading manufacturer of electrical and communication cables in India, announced the release of its latest home automation innovation: smart switches and smart door locks. The price ranges from around Rs. 12,000 to Rs. 50,000 and the wide selection includes door locks that may be attached to wooden, metal, and glass doors. Finolex Cables additionally developed WiFi-enabled smart switches that effortlessly integrate with modern electrical configurations in addition to smart door locks. These smart switches are priced between Rs. 8,000 and Rs. 12,000, roughly.

Mr. Deepak K. Chhabria, Executive Chairman, Finolex Cables Ltd., expressed his delight at the launch, stating, "Our latest offering of smart switches and smart door locks exemplifies our commitment to technological innovation and customer-centric solutions. Through these cutting-edge products, we aim to empower homeowners with enhanced convenience, security, and energy efficiency. We are invested in shaping the future of smart living, and these smart switches and smart door locks stand as a testament to our dedication to delivering excellence in every aspect of our business."

Additionally, Mr. Amit Mathur, President - Sales & Marketing, Finolex Cables, stated, "This new range of smart switches and smart door locks announce our entry in the home automation category and represents a significant milestone in redefining how we at Finolex Cables engage with our end consumer. Through extensive research and technological integration, we have crafted these products to deliver exceptional value to our esteemed customers. We have also ensured that these cutting-edge products are priced competitively, ranging from Rs 8,000 onwards, while delivering a truly convenient solution. Our new Grazo switches range will simultaneously help increase our reach and penetrate the mass market."

Finolex Cables Share Price Target

Kkunal Parar of Choice Broking said, "On a daily chart, the stock has been trading in an Upward Rising Channel formation which shows that the trend is up only and further upside would be there in the near future. Moreover, the stock has been trading above its all short-term to long-term moving average which again suggests an uptrend in the counter. On a weekly chart, the stock has given a breakout of its Rounding Bottom formation with above-average volume. A daily momentum indicator RSI's reading is at 52 at a strong support of 50 marks which points out a positive breath in the counter. Based on the above technical structure, we are expecting a good upside in the counter upto the level of 1505-1750 while support comes at 970.00."

Disclaimer

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