Rs 15.25/Share Dividend: Coal India To Turn Ex-Dividend Today; Buy?

On Tuesday, Coal India started the day stronger at Rs 334.60 a share. The shares will trade ex-dividend today, November 21, in accordance with information available on the BSE. The company has announced an interim dividend of 152.50% for FY24.

Coal India Dividend

The company has declared 1st interim dividend for FY24 at Rs 15.25 per share on the face value of Rs 10. "Pursuant to Regulation 29 & 42 of the Listing Regulations 2015, notice is also given that the Company has fixed Tuesday, 21st Nov 2023 as the "Record Date" for the purpose of payment of 1st Interim Dividend on Equity Shares for Financial Year 2023-24, if declared by the Board," said Coal India in a stock exchange filing.

Coal India Q2 Results

In the September quarter, Coal India reported a net profit of Rs 6,813 crore, up from Rs 6,044 crore in the same period last year. The company's revenue from operations rose 9.8% to Rs 32,776.4 crore from Rs 29,838 crore in Q2FY23. In the second quarter of this fiscal year, EBITDA jumped by 11.8% to Rs 8,137 crore, compared to Rs 7,280 crore during the same time in the previous fiscal year. EBITDA margin was 24.8% in Q2FY24 compared to 24.4% in Q2FY23.

Coal India Share Price Target

Mandar Bhojane-Equity Research Analyst at Choice Broking said, "Based on the provided technical analysis, COALINDIA on the daily chart has exhibited a breakout from a Cup and Handle pattern, accompanied by substantial trading volume. Following the breakout, the stock underwent a retest and subsequently formed a higher high and higher low. Additionally, COALINDIA is presently trading above key Exponential Moving Averages (EMAs), specifically the 20-day, 50-day, 100-day, and 200-day EMAs, signaling robust bullish momentum and the potential for continued upward price movement."

"Moreover, the Relative Strength Index (RSI) indicator is comfortably positioned near 83.5, indicating strength in the stock. There exists a minor resistance level around 450. A successful breach of this level by COALINDIA could potentially drive the stock towards the 630 level and potentially even higher. It is crucial to emphasize that the stock is presently trading above all significant moving averages, further affirming its underlying strength. In light of this analysis, we recommend considering a long position in COALINDIA at the current market price of 349, with a medium-term target price of 630. However, it is important to exercise caution, as a drop below 300 would invalidate our analysis," 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.