Rs 4 Dividend: Record Date - 5th July; Buy Large Cap Automobile Stock?

One of the top producers of off-highway tyres is Balkrishna Industries. specialised in the production of tyres for OTR, industrial, and agricultural vehicles. The Board of Directors has set a record date for the final dividend for FY24, therefore the large-cap automobile company is probably going to be in the spotlight going forward.

Balkrishna Industries Dividend Record Date

"You are aware of the consistent track record of dividend payment by your Company over last three decades. In keeping with this trend, the Board of Directors are pleased to recommend a Final Dividend of Rs 4 (200%) per equity share for the financial year 2023- 2024. This is in addition to 3 interim dividends each of Rs 4 (200%) per equity share aggregating to Rs 12 (600%) per equity share. The aggregate dividend for the year thus works out to Rs 16 (800%) per equity share. The final dividend is subject to approval of the Shareholders at the ensuing Annual General Meeting of the Company Scheduled to be held on 19th July, 2024. The final dividend once approved by Shareholders will be paid within the stipulated time after deduction of applicable tax at source. The Record Date for the purpose of payment of final dividend will be 6thJuly, 2024," said Balkrishna Industries in a regulatory filing.

"Pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure report Requirements) Regulations, 2015, the Company has fixed Saturday, the 6th July, 2024 as the Record Date for determining entitlement of members to Final Dividend for the financial year ended 31st March, 2024. If the final dividend as recommended by the Board of Directors is approved at the AGM, payment of such dividend, subject to deduction of tax at source, will be made on or after 19th July, 2024 but within stipulated time," the company further informed to stock exchanges.

Balkrishna Industries Upcoming AGM

"This is to inform you that the 62nd Annual General Meeting (AGM) of the Members of the Company is scheduled to be convened on Friday, the 19th July, 2024 through Video Conferencing / Other Audio Visual Means pursuant to circulars issued by the Ministry of Corporate Affairs and Securities and Exchange Board of India," said Balkrishna Industries in a stock exchange filing.

Balkrishna Industries Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said, "BALKRISIND, currently trading at 3194 levels, is showing signs of a positive technical outlook. The stock has recently rebounded from the support levels around 2950 which is also close to 50 Day EMA levels, demonstrating its ability to maintain price stability. Notably, the stock has a minor resistance level at 3350, which is in proximity to previous all time high levels. If the stock manages to sustain a position above this mentioned resistance, it may pave the way for an upward movement towards the target level of 3444 and beyond. This is a positive development, as it signifies a potential change in the stock's trend."

"The Relative Strength Index (RSI), a momentum indicator, is currently trading at 64.66 levels. This RSI reading suggests a moderate level of strength in the stock, without being in overbought territory. It implies that there is room for the stock to potentially gather further momentum. The overall trend for BALKRISIND is sideways to 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 3444 in the near term. It is advisable to consider buying on dips, particularly around Rs 3111, to capitalize on potential retracements in the stock price. To prudently manage risk, implementing a stop-loss (SL) at 2950 is recommended. This precautionary measure is crucial to safeguard investments in the event of an unexpected market reversal," the analyst further recommended.

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.