Rs 4.50/Share Payout: Energy Stock Turns Ex-Dividend Today - 21st March; Buy?

In the energy industry, Castrol India is a large-cap firm. As of Wednesday's closing session, its market valuation was Rs 19,337.34 Cr. Castrol is part of the BP Group and a world leader in lubricants. The company's shares will be the center of attention today as Shah Rukh Khan has been named a brand ambassador by the board and the stock will trade ex-dividend today with a payment of 90%. Castrol India shares closed 0.56% down at Rs 195.50 apiece on the BSE on Wednesday, ahead of the ex-dividend date on March 21.

Castrol India Dividend

The Board of Directors at its meeting held on Thursday, 1 February 2024 "recommended final dividend of INR 4.50/- per equity share of the face value of INR 5/- each for the financial year ended 31 December 2023 subject to approval by the Shareholders at the 46th Annual General Meeting; fixed Thursday, 21 March 2024 as the record date for determining entitlement of members to final dividend for the financial year ended 31 December 2023. The dividend, if approved by the Shareholders will be paid on or before Friday, 26 April 2024," said Castrol India in a stock exchange filing.

Castrol India News

Castrol, a global leader in lubricants and a part of the BP Group, on Wednesday has announced that Shah Rukh Khan, the renowned Bollywood celebrity, would serve as its brand ambassador for the next two years.
Shah Rukh Khan remarked, "I am thrilled to associate with Castrol, a brand I've long admired for its commitment to performance. As a fellow automobile enthusiast, I believe Castrol's dedication perfectly aligns with my pursuit of excellence. Together, we aspire to inspire and empower drivers to revel in the joy and liberation of the open road. I am eager to embark on this journey together."

Mr. Sashi Mukundan, President of bp India and Senior Vice President of the bp group, commented, "The association with Shah Rukh Khan reflects our dedication to innovation and excellence in the automotive industry. This move embodies our shared values of performance, reliability, and sustainability. We are proud to be a part of this endeavor, as we shape the future of mobility together."

Mr. Sandeep Sangwan, Managing Director of Castrol India Limited, added, "This association signifies Castrol's dedication to innovation and excellence, mirroring the actor's illustrious career. With Shahrukh Khan onboard, our commitment to enhancing vehicle performance is embellished for generations to come."

Castrol India Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said CASTROLIND is presently trading at Rs 196.6, with the stock price fluctuating in the range of 188 to 208. It is anticipated to remain sideways within this range. If the price breaches the 210 level, there is potential for it to further ascend to the 220-222 level in the short run, while support is observed near the 185 level.

The Relative Strength Index (RSI) is currently at 46.77 and is trending sideways , indicating a significant sideways movement. The stock has shown resilience by rebounding from robust support at 192, aligned closely with its 50-day Exponential Moving Average (EMA) levels. Significantly, it trades above all key moving averages, indicating underlying strength.

The overall trend for CASTROLIND is bullish, supported by various technical indicators, reinforcing the optimistic outlook. Given these signals, there is a possibility for the stock to achieve a target price of Rs 222 in the near term.
It is advisable to consider buying on dips, particularly around Rs 193, to capitalize on potential retracements in the stock price. To prudently manage risk, implementing a stop-loss (SL) at Rs 185 is recommended. This precautionary measure is crucial to safeguard investments in the event of an unexpected market reversal.

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.