Rs 0.25, Rs 1.30 & Rs 6 Payouts: 3 Adani Group Stocks To Turn Ex-Dividend This Week; Buy Any?

This week, three stocks-Adani Total Gas Ltd., Adani Enterprises, and Adani Ports and Special Economic Zone Ltd.-will go ex-dividend with dividends ranging from Rs. 0.25 to Rs. 6. All these stocks will trade ex-dividend on 14th June and ahead of the upcoming dividend, analysts of Choice Broking are bullish on the stocks as they have predicted a good potential upside for the investors.

Adani Total Gas Dividend

"Your Directors have recommended a dividend of 25% (Rs 0.25/- per Equity Share of Rs 1 each) on Equity Shares out of the profits of your Company for FY 2023-24. The said dividend, if approved by the shareholders, would involve a cash outflow of Rs 27.50 crore," said Adani Total Gas in a statement.

"The Company has fixed Friday, June 14, 2024 as the 'Record Date' for determining entitlement of Member to receive dividend for the FY 2023-24, if approved at the AGM. Those Members whose names are recorded in the Register of Members or in the Register of Beneficial Owners maintained by the Depositories as on the Record Date shall be entitled for the dividend which will be paid on or after Tuesday, June 25, 2024, subject to applicable TDS," said the company in a statement.

Adani Total Gas Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said, "ATGL is currently trading at 961 levels and appears to be in a consolidation phase within the range of 900-1100. This range aligns with a robust support zone at 940, encompassing the 20-day Exponential Moving Averages (EMA). The convergence of these factors suggests a significant level of stability and a potential opportunity for traders and investors. The consolidation within this range reflects a delicate equilibrium between buying and selling pressures, indicating a period of price discovery and market participants reassessing their positions. It is noteworthy that the support zone includes the 20-day EMA, further reinforcing its significance."

"A potential breakout above the upper boundary of this consolidation range, specifically above 1100 levels, could act as a catalyst for a bullish move. In such a scenario, traders might look to capitalize on the upward momentum, with a target set at 1300 and possibly beyond. The Momentum indicator, Relative Strength Index (RSI), currently stands at 58.25 levels, signalling a neutral stance. Traders and investors are advised to closely monitor the price action and be vigilant for a potential breakout. The support range, particularly around 940 levels, could serve as a strategic entry or exit point. Overall, the analysis points towards a cautiously optimistic outlook for ATGL, contingent on a decisive breakout above the upper boundary of the consolidation range," the analyst further added.

Adani Enterprises Dividend

"Your Directors have recommended a dividend of Rs 1.30 (130%) per Equity Share of Re. 1 each for FY24. The dividend is subject to approval of shareholders at the ensuing Annual General Meeting (AGM). The dividend, if approved by the shareholders, would involve a cash outflow of Rs 148.20 crore," Adani Enterprises said in a statement.

"The Company has fixed Friday, June 14, 2024 as the 'Record Date' for determining entitlement of members to receive dividend for the FY 2023-24, if approved at the AGM. Those members whose names are recorded in the Register of Members or in the Register of Beneficial Owners maintained by the Depositories as on the Record Date shall be entitled for the dividend which will be paid on or after Sunday, June 30, 2024, subject to applicable TDS," the company further added.

Adani Enterprises Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said, "ADANIENT is currently trading at 3240 levels, showcasing considerable technical strength. The stock enjoys robust support near the 3135 level, which closely aligns with its medium-term (50 Day) EMA. This alignment provides a solid foundation for its current price stability. The stock is also trading above its short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMA levels, signalling a bullish trend and underlying strength. On the upside, a minor resistance is observed around 3290 levels. If the stock successfully breaches this resistance, it could move towards the next resistance at 3460 levels."

"Traders and investors who have been holding the stock from lower levels should maintain their positions with a stop loss set at 3135. This measure will help safeguard against potential downside risk. For those considering fresh investments, a prudent strategy would involve buying above the 3290 resistance level or on dips near 3190. The same stop loss of 3135 should be applied. This approach aims to balance the potential for upside gains with controlled risk, targeting a move towards 3460," the analyst further recommended.

Adani Ports and Special Economic Zone Dividend

"Your Directors have recommended a dividend of Rs 6 (300%) per Equity Share of Rs 2 each and 0.01% dividend on 0.01% Non-Cumulative Redeemable Preference Shares of Rs 10 each for FY24. The dividend is subject to approval of shareholders at the ensuing Annual General Meeting (AGM) and shall be subject to deduction of tax at source. The dividend, if approved by the shareholders, would involve a cash outflow of Rs 1,296.08 crore," said Adani Ports in a statement.

"The Company has fixed Friday, June 14, 2024 as the 'Record Date' for determining entitlement of shareholders to receive dividend for the FY 2023- 24, if approved at the AGM. Those shareholders whose names are recorded in the Register of Members or in the Register of Beneficial Owners maintained by the Depositories as on the Record Date shall be entitled for the dividend which will be paid on or after Sunday, June 30, 2024, subject to applicable TDS," the company further stated.

Adani Ports Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said, "ADANIPORTS is currently trading at 1410 levels, demonstrating significant technical strength. The stock has a robust support near the 1350 level, which aligns closely with its medium-term (50 Day) EMA, providing a solid foundation for its current price stability. The stock is trading above its short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMA levels, indicating a bullish trend and underlying strength. On the upside, there is a minor resistance around 1450 levels. A successful breach of this resistance could lead to a move towards the next resistance at 1560 levels."

"Traders and investors holding the stock from lower levels should maintain their positions with a stop loss set at 1350 to safeguard against potential downside risk. For fresh investments, a prudent strategy would be to consider buying above the 1450 resistance level or on dips near 1380, with the same stop loss of 1350. This approach balances the potential for upside gains with a controlled risk, aiming for the target of 1560," the analyst further commented.

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.