Rs 24 & Rs 23 Special Dividend: 18th July - Record Date; Buy Stake In The Stock?

One of the top asset management firms in India is UTI Mutual Fund. UTI AMC has a market capitalization of Rs 13,106.63 Cr and ranks in the BSE 500 index. The Board of Directors of UTI AMC set the record date for the Rs 24 & Rs 23 Special Dividend on Monday, and the company's shares closed the day 3.06% higher on the BSE at Rs 1029.75 apiece.

UTI AMC Dividend Record Date

"The Board of Directors of the Company had, in its meeting held on Thursday, the 25th April, 2024, recommended a dividend for the FY 2023-24 of Rs 24 per equity share of the face value of Rs 10 each and an additional special dividend of Rs 23 per equity share of the face value of Rs 10 each, taking overall dividend to Rs 47 per equity share of the face value of Rs 10 each, subject to the approval of the members at the 21st AGM," said the company in a stock exchange filing.

"In terms of Section 91 of the Act and Regulation 42 of the SEBI Listing Regulations, the register of members and share transfer books of the Company will remain closed from Friday, the 19th July, 2024 to Thursday, the 25th July, 2024 (both days inclusive) for determining the entitlement of the final dividend to the members. The final dividend shall be paid, subject to the approval of members at the 21st AGM, to those members: a. whose name appears in the list of beneficial owners to be furnished by the Depositories in respect of the equity shares held in electronic form as at the end of business hours on Thursday, the 18th July, 2024; and b. whose name appears as members in the Company's register of members maintained by the Registrar and Share Transfer Agent of the Company on Thursday, the 18th July, 2024," said UTI AMC in a stock exchange filing.

UTI AMC Upcoming AGM Date

"We would like to inform you that the 21st Annual General Meeting (AGM) of UTI Asset Management Company Limited (the Company) has been scheduled on Thursday, the 25th July, 2024 at 1600 hrs IST through Video Conferencing / Other Audio Visual Means in compliance with the Companies Act, 2013, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the SEBI Listing Regulations) and relevant circulars issued by MCA and SEBI," informed UTI AMC to stock exchanges.

UTI AMC Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said, "UTIAMC is currently trading at 1033 levels, having recently given a strong breakout from a flag pattern, indicating significant strength. On the lower side, the stock has a robust support near 990 levels, which aligns closely with its 20 Day EMA levels. This support level provides a solid foundation for the stock's current price stability. Presently, UTIAMC is trading above its short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMA levels, signifying a bullish trend."

"On the higher side, a minor resistance is observed near 1050 levels. Once the stock surpasses this resistance, it is poised for a strong upward move towards the target of 1110 levels. Investors holding the stock from lower levels can maintain their positions with a stop loss set at 990 to safeguard against potential downside risk. The current technical indicators suggest that UTIAMC has the potential for further gains, making it a favourable option for continued investment," the analyst further added.

Disclaimer

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