Rs. 11.25/Share Dividend: Monday, 20th May, 2024 Fixed As Record Date; Buy The Auto Stock?

At the close of trading on Monday, Craftsman Automation Ltd., a mid-cap company in the automobile sector, had a market capitalization of Rs 9,339.35 Cr. The firm is a well-known engineering company that produces precision components. It is a producer of powertrain components and aluminium casting products for the automotive and industrial engineering industries. Financial results for the quarter and year ending March 31, 2024, have been released by the firm. A final dividend of Rs. 11.25/-per equity share of Rs. 5/-each, or 225% for the fiscal year, has been authorised and recommended by the board.

Craftsman Automation Dividend

"We wish to inform that the Board of Directors of the Company at its meeting held on Saturday, the 27th April, 2024 has, inter alia, approved and recommended a final dividend of Rs. 11.25/- per equity share of Rs.5/- each (225%) for the financial year ended 31st March, 2024, subject to the approval of shareholders at the 38th Annual General Meeting (AGM). In this regard, pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015, the Register of Members of the Company will be closed from Tuesday, 21st May, 2024 to Monday, 27th May, 2024 (both days inclusive) and the record date for the purpose of determining the eligibility of the equity shareholders for the dividend will be Monday, 20th May, 2024," said Craftsman Automation in a regulatory filing.

Craftsman Automation Q4 Results

Craftsman Automation's net profit for the quarter ended March 2024 was Rs 62.33 crore, down 19.74% from Rs 77.66 crore in the year-ago quarter. In the quarter that ended in March 2024, sales increased 12.75% to Rs 1105.34 crore from Rs 980.37 crore in the quarter that ended in March 2023. EBITDA climbed by 9.77% from Rs. 193.32 crore in Q4FY23 to Rs. 212.21 crore in Q4FY24. Net profit for the entire year jumped by 22.58% to Rs 304.47 crore in the fiscal year that ended in March 2024 from Rs 248.39 crore in the fiscal year that ended in March 2023. Sales for the year ended March 2024 rose 39.88% to Rs 4451.73 crore from Rs 3182.60 crore in the year prior ending March 2023.

Craftsman Automation Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said, "CRAFTSMAN is currently trading at 4405 levels, experiencing a pullback from its recent peak at 4710 levels. The stock's retreat has brought it close to a crucial support zone, aligning with its short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMA levels. This confluence of support underscores its significance in potentially halting further downward movement. A breach below the 4400 level could signal continued selling pressure, potentially leading to a deeper correction toward the next support at 4250 levels."

"Investors who entered positions at lower levels are advised to consider booking partial profits, given the heightened volatility and uncertainty surrounding the stock's price action. Implementing a trailing stop loss strategy at 4250 levels can help protect gains and mitigate downside risk. Monitoring price action closely and staying attuned to key support and resistance levels will be essential for investors navigating CRAFTSMAN's current market environment. Adjusting strategies in response to evolving market dynamics can help optimize investment decisions and mitigate potential losses," the analyst further added.

Disclaimer

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