Rs 10/Share Dividend: Ashish Kacholia Stock To Turn Ex-Dividend Soon For 100%, Buy?

Small-cap firm Garware Hi-Tech Films Ltd operates in the capital goods industry. The company is one of the top producers and suppliers of superior, long-lasting, and highly tensile polyester films worldwide. According to information currently available on the BSE, the company has announced a final dividend of Rs 10 per share for FY23, and the stock will begin trading ex-dividend on September 20, 2023. So should you buy this Ashish Kacholia portfolio stock before it goes ex-dividend for 100%, let's find out the trade call below.

Garware Hi-Tech Films Dividend

"The Board of Directors of the Company, at its Meeting held on May 26, 2023 has recommended dividend of Rs. 10 (100%) per Equity Share of Rs. 10/- each for the financial year ended March 31, 2023. This dividend will be paid, subject to approval of the Shareholders of the Company at the ensuing Annual General Meeting (AGM) scheduled on Wednesday, September 27, 2023. The dividend will be paid to those Shareholders who are holding equity shares of the Company, either in electronic or in physical form, whose names appear in the register of members as on the Record Date i.e. Wednesday, September 20, 2023," said Garware Hi-Tech Films in a stock exchange filing.

Garware Hi-Tech Films Financials

The firm recorded net sales of Rs 379.71 crore on a consolidated basis in June 2023, which is a rise of 2.66% from Rs 369.87 crore in June 2022. Its net profit stood at Rs. 43.69 crore in Q1FY24 which is a drop of 1.91% from Rs. 44.54 crore in Q1FY23 and EBITDA stands at Rs. 72.73 crore up 2.89% from Rs. 70.69 crore. From Rs. 19.17 in June 2022 to Rs. 18.81 in June 2023, GRWRHITECH EPS has gone down.

On a standalone basis, the company recorded net sales of Rs 325.36 crore in the June 2023 quarter down 8.3% from Rs. 354.82 crore in the June 2022 quarter. Garware Hi-Tech Films' net profit was Rs. 28.61 crore in the first quarter of FY24, down 36.65% from Rs. 45.16 crore in the same quarter of FY23, and its EBITDA is Rs. 51.66 crore, down 27.77% from Rs. 71.52 crore. On a stand-alone basis, GRWRHITECH's EPS dropped from Rs. 19.44 in June 2022 to Rs. 12.31 in June 2023.

Garware Hi-Tech Films Share Price Target

Kkunal Parar of Choice Broking, said on an hourly chart, the stock has started to trade below its 50 Hourly Moving Average which shows a downside move in the counter.

Moreover, the stock has formed a Hanging Man Candlestick formation which is a Bearish Reversal formation and indicates a downside move in the counter.

Furthermore, the stock has formed a Bearish Harami Candlestick formation on a weekly chart which again suggests some profit booking in the counter.

A weekly momentum indicator RSI is in an overbought zone which points out for negative breath in the counter.
Based on the above technical structure, we are expecting some profit booking in the counter upto the level of 1148 to 1050 while upside resistance comes at 1335.00.

Garware Hi-Tech Films Shareholding

During Q1FY24, the company recorded promoters shareholding of 60.73%, FIIs stake of 0.12%, DIIs stake of 2.35%, and public stake of 36.81%. As per the shareholding pattern of Garware Hi-Tech Films for the April to June 2023 quarter available on BSE, ace investor Ashish Kacholia held 9,68,322 shares or 4.17% equity stake in the company.

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.