PSU Bank Stock: Rs 7.60 Dividend Ahead, June 28 Record Date; Buy Stake?

Ahead of the stock's record date of June 28 for the payment of an upcoming dividend of Rs 7.60 per share, Bank of Baroda's shares closed on Wednesday 0.05% higher at Rs 280.95 apiece. For the fiscal year that ends on March 31, 2024, the bank's Board of Directors has proposed a dividend of Rs 7.60 per share with a total outgo of Rs 3,930.24 crore.

Bank of Baroda Dividend Record Date

"Board of Directors of the Bank in their Meeting held on May 10, 2024, have recommended a Dividend of Rs 7.60 per Equity Share of face value of Rs 2/- each. i.e., for the Financial Year ended March 31, 2024. The said dividend if approved at the ensuing Annual General Meeting scheduled on July 05, 2024, will be paid to those shareholders whose names appear in the Register of Members of the Bank or in the records of the Depositories as beneficial owners of the shares as at the close of business hours on June 28, 2024 ("Cut-off Date"). The dividend would be paid to the eligible shareholders within a period of 30 days from the date of AGM, electronically, through various online modes to those members who have updated their bank account details or through any other permissible mode," said Bank of Baroda in a statement.

Bank of Baroda Latest News

"We advise that it has been decided to close the "Trading Window" for all the Directors, Central Statutory Auditors, Designated Persons and all other Insiders pursuant to the provisions of "Codes of Fair Disclosure and Conduct" read with SEBI (Prohibition of Insider Trading) Regulations, 2015, from 01st July 2024 upto 48 hours after the declaration of Financial Results of the Bank for the Quarter / Three Months ended 30th June 2024, by the Board of Directors. The date of the Board Meeting at which the aforesaid Financial Results are to be approved will be advised in due course," informed Bank of Baroda to stock exchanges on 26th June 2024.

Bank of Baroda Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said, "The current trading price of BANKBARODA is Rs 279. The stock has recently been trading in a range of Rs 270 to Rs 290 on the daily chart, with a significant increase in trading volume, indicating a sideways trend. If the price manages to close above the Rs 290 level, it may have the potential to reach short-term targets of Rs 310. On the other hand, immediate support levels are located at Rs 273, which can be considered as opportunities to buy on dips."

"The Relative Strength Index (RSI) currently stands at 54 and is trending upward, indicating a sideways trend. To prudently manage risk, it is advisable to set a stop-loss (SL) at Rs 267. This precaution will help protect your investment in case of an unexpected market reversal. In summary, considering the technical analysis and the current market conditions, BANKBARODA appears to present an appealing buying opportunity for those aiming for a Rs 310 price target, provided that appropriate risk management measures are in place," the analyst further added.

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.