Rs 11/Share Dividend: Buy The Shares To Place Your Stake For The Highest Ever Payout?

With a history spanning more than 60 years, Ganesh Housing Corporation Limited is one of the state of Gujarat's top real estate developers. The company works in the Ahmedabad area, developing real estate and carrying out construction. In addition to announcing financial results for the quarter and year ended March 31, 2024, the real estate firm recommended the highest-ever dividend of Rs 11 per share since its foundation in 1965.

Ganesh Housing Corporation Dividend

"The Board has recommended a dividend of Rs. 11/- per Equity Share of Rs. 10/- each ( 110 %) to the shareholders of the Company for the financial year 2023 - 2024. We shall inform you in due course the date on which the Company will hold its Annual General Meeting for the financial year ended March 31, 2024 and the date from which dividend, if approved by the shareholders, will be paid," said the Board of Directors of the company in a regulatory filing.

Ganesh Housing Corporation Financials

Ganesh Housing Corporation's net profit jumped by 142.58% to Rs 112.80 crore in the quarter that ended in March 2024 from Rs 46.50 crore in the quarter that ended in March 2023. Sales increased from Rs 179.30 crore in Q4FY23 to Rs 276.78 crore in Q4FY24, a 54.37% growth. In comparison to the previous year ended March 2023, when net profit was Rs 100.08 crore, net profit soared 360.34% to Rs 460.71 crore in the year ended March 2024. Sales went up from Rs 616.35 crore in FY23 to Rs 892.01 crore in FY24, a 44.72% growth.

Ganesh Housing Corporation Share Price Target

"Real estate developer Ganesh Housing Corporation Limited is currently in the overbought zone, and its stock price is likely to retest its 700-range. However, the stock displays stock momentum, so one may bet on its current price of Rs.850, given they initiate averaging at Rs.620. The stock has delivered 148.26% returns in a year and offered a dividend of 1.30% against the sector yield of 0.68%. Hence, for this stock, individuals may expect to achieve a targeted price of Rs.950-1400 within 6 months, but they must stick to the stop loss of Rs.600 to protect their gains," V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) 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.