LIC-Backed Energy Stock Turns Ex-Dividend For Rs 12/Share: Buy/Sell Or Hold?

Tide Water Oil Company India is a small-cap company in the energy sector with a market cap of Rs 2,999.80 Cr as of Wednesday's closing session. Tide Water Oil Co. (India) Ltd. is a prominent producer and distributor of luxury engine oils and lubricants, and the owner of the Veedol brand. The shares of Tide Water Oil Company are scheduled to trade ex-dividend on Thursday, February 22nd, for 600% at a face value of Rs 2.

Tide Water Oil Company India Dividend

The Board of Directors considered and approved "Declared 2nd Interim Dividend of 600% (Rs. 12/- per ordinary share of face value of Rs. 2/- each) for the financial year 2023-24. Determined Thursday, 22nd February, 2024, as the record date for the purpose of the aforesaid 2nd Interim Dividend distribution. Dividend shall be paid within 30 days of from the date of declaration (i. e. within Thursday, 13 March, 2024)," said Tide Water Oil Company India in a regulatory filing.

Tide Water Oil Company India Financials

The company reported consolidated net sales of Rs 496.45 crore in the December 2023 quarter down 0.12% from Rs. 497.07 crore in the December 2022 quarter. Its consolidated net profit stood at Rs. 33.56 crore in Q3FY24 up 29.33% from Rs. 25.95 crore in Q3FY23. EBITDA at a consolidated level reached Rs. 45.59 crore in the reporting quarter up 21.93% from Rs. 37.39 crore in the same quarter of the previous fiscal.

Tide Water Oil Company India Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said TIDEWATER, currently trading at 1777.85 levels, has exhibited a recovery, bouncing back from the support at 1350 levels. Although the stock is currently trading above its EMA short-term (20 Day) and EMA medium-term (50 Day) EMAs long-term (200 Day) Exponential Moving Average (EMA).

This enhances the bullish outlook, suggesting the possibility of a sustained upward price movement.
The momentum indicator RSI, with a reading of 68, has rebounded and is on an upward trajectory, indicating a potential revival in buying interest. However, it is important to note that the stock faces a resistance zone near 1835 levels, coinciding with recent high and double- top pattern on daily charts.

A successful breakout above the mentioned resistance could propel the stock higher towards the new 52-week high price of 1835 and beyond. Traders holding long positions are advised to trail their stop-loss at 960 levels to protect profits, while fresh investments can be considered at the current market price and on dips, with a stop-loss set at 1600 levels for risk management.

In conclusion, TIDEWATER technical indicators suggest a cautious optimism, emphasizing the importance of monitoring the resistance levels for potential breakout opportunities and implementing appropriate risk management strategies.

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.