Massive Dividend of Rs. 117/Share: 3rd May Fixed As Record Date; Buy The Pharma Stock?

Large-cap pharmaceutical firm Sanofi India Ltd. closed Friday's BSE trading session 0.94% higher, at Rs 7615.80. Sanofi is a prominent global healthcare enterprise. Sanofi India Limited's shares can be found listed on the National Stock Exchange (Security Code: Sanofi) and the Bombay Stock Exchange (Security Code: 500674). The company operates two production facilities: one in Goa and one in Hyderabad. Following the company's important declaration regarding a final dividend of Rs. 117/-per equity share for FY24, the shares closed yesterday's trading session in the green.

Sanofi India Dividend Update

"Further to our letter dated 23rd February, 2024, in reference to outcome of the Board Meeting held on 23rd February 2024 where the Board recommended a final dividend of Rs. 117/- per equity share of the face value of Rs. 10 each, subject to the approval of Shareholders at the ensuing 68th Annual General Meeting. In this regard, please note that the Register of Member and Share Transfer Books of the Company will remain closed from Saturday, 4th May 2024 to Tuesday, 14th May 2024 (both days inclusive) for the purpose of payment of final dividend for the year ended 31st December 2023 ("Final Dividend"). Accordingly, the record date for the payment, shall be Friday, 3rd May 2024," said Sanofi India in a regulatory filing on 22nd March 2024.

Sanofi India Financials

The company reported a standalone net sales of Rs 693.90 crore in the December 2023 quarter up 3.27% from Rs. 671.90 crore in the December 2022 quarter. Its net profit stood at Rs. 137.70 crore in Q3FY24 up 5.19% from Rs. 130.90 crore in Q3FY23. The company said its EBITDA reached Rs. 199.40 crore in the reported quarter of the current fiscal up 6.69% from Rs. 186.90 crore in the same quarter of the previous financial year.

Sanofi India Share Price Target

Sanofi India is oversold on the Daily charts with strong resistance at 7842. A daily close above this resistance could lead to a target of 8789 in the near term. Support will be at 7512, said AR Ramachandran from Tips2trades.

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.