Rs 3/Share Dividend: Saturday, 16 March 2024 Fixed As Record Date; Bet On The Metal Stock?

As of Thursday's closing session, Kirloskar Ferrous Industries, a small-cap company in the metal industry, has a market capitalization of Rs 7,660.65 Cr. Among the companies that are expanding rapidly in the pig iron and iron castings industry is Kirloskar Ferrous Industries Limited. The Board of Directors at its meeting held on 7 March 2024 has declared an interim dividend for FY24 and for the purpose of the same record date has been finalized.

Kirloskar Ferrous Industries Dividend

"The Board of Directors at its meeting held on 7 March 2024 has declared an Interim Dividend of Rs 3 per equity share of Rs 5 each (i.e. 60 percent) for the financial year 2023-2024. The Record Date has been fixed as Saturday, 16 March 2024 for the purpose of ascertaining list of members entitled to the Interim Dividend. Interim Dividend will be paid on or before 29 March 2024 through various modes of payment viz. Direct Credit / NEFT / RTGS / NECS / Dividend Warrants or Demand Drafts, as the case may be," said Kirloskar Ferrous Industries in a regulatory filing on Thursday.

Kirloskar Ferrous Industries News

"The Board of Directors at its meeting held on 7 March 2024 has allotted 22,048 equity shares of Rs 5 each upon exercise of stock options pursuant to employee stock option schemes. Consequently, the issued, subscribed and paid-up share capital of the Company stands increased to Rs 69,66,07,295 comprising of 13,93,21,459 equity shares of Rs 5 each," said Kirloskar Ferrous Industries in a stock exchange filing on 7 March 2024.

Kirloskar Ferrous Industries Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said the current trading price of KIRLFER is Rs 452.2. The stock has recently undergone consolidation within the range of Rs 440 to Rs 490, indicative of a sideways trend. Should the price successfully close above the Rs 490 level, there exists potential for short-term targets of Rs 540. Conversely, immediate support levels are identified at Rs 435, coinciding with the presence of the 200-day Exponential Moving Average (EMA).

The Relative Strength Index (RSI) presently stands at 38, displaying a downward trend that suggests a deceleration in momentum. Considering these technical indicators, it is plausible that KIRLFER could attain a target price of Rs 540 in the near future, contingent upon a close above the Rs 490 level.

To prudently manage risk, it is advisable to implement a stop-loss (SL) at Rs 435. This precautionary measure aims to safeguard your investment in the event of an unforeseen market reversal. In summary, based on the technical analysis and prevailing market conditions, KIRLFER seems to present a buying opportunity above Rs 490 for those targeting a Rs 540 price objective, provided that appropriate risk management measures are implemented.

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.