Rs 5/Share Dividend: Record Date On 13th June; Buy The Auto Stock?

CIE Automotive India Ltd is an automobile company with a market cap of Rs 18,886.56 Cr as of Tuesday's closing session. CIE Automotive India is a multi-technology automotive components supplier. The stock ended 4.36% higher at Rs 497.85 apiece yesterday and in the last 5 trading sessions it has gained 4.05%, but the brokerage firm Axis Securities has seen more potential upside on the stock for a target price of Rs 540-565 which is a good stock recommendation for market watchers for them to be eligible for Rs 5 per share dividend recommended by the company.

CIE Automotive India Dividend

"We wish to inform that the Board of Directors of the Company (the Board) at its meeting held today i.e. 19 February 2024 recommended to the members, for their consideration and approval at the ensuing 25th Annual General Meeting of the Company, Final Dividend of Rs. 5.00/- (Rupees Five only) per ordinary equity share of face value of Rs. 10/- each for the financial year ended 31st December 2023," said the company in a regulatory filing.

CIE Automotive India Dividend Record Date

"The Board has further approve the closure of Register of Members and Share Transfer Books of the Company from Friday, 14th June, 2024 to Thursday 20th June, 2024 (both days inclusive) for the purpose of the AGM and determining the shareholders entitled for Final Dividend, as may be declared by the members at the AGM. The Dividend on Ordinary (Equity) Shares for the year ended 31st December 2023, as recommended by the Board of Directors and as may be declared at the ensuing AGM will be paid within a period of 30 days from the date of AGM to those Shareholders or their mandates: whose names appear as Beneficial Owners as per the data made available by National Securities Depository Limited and Central Depository Services (India) Limited in respect of the shares held in electronic form at the close of business hours on Thursday, 13th June, 2024; and whose names appear as Members in respect of shares held in Physical Form as per the Register of Members of the Company on the close of business hours 13th June, 2024," said CIE Automotive India in a stock exchange filing.

CIE Automotive India News

"We wish to inform you that meeting of the Board of Directors of the Company will be held on Thursday, 2nd May, 2024, to inter-alia, consider and approve the un-audited Financial Results of the Company (Standalone and Consolidated) for the quarter ending 31st March, 2024. Further, as per Company's Code of Conduct to Regulate, Monitor and Report Trading in the securities of the Company by designated persons and their immediate relatives, the Trading Window for dealing in the securities of the Company shall remain closed for all designated persons of the Company and their immediate relatives from 1st April, 2024 and it shall remain closed till 4th May, 2024 (both days inclusive)," CIE Automotive India has informed to stock exchanges.

CIE Automotive India Share Price Target

Buy range: Rs 496-488, target: Rs 540-565, trend reversal: Rs 468, timeframe: 3-4 Weeks

"CIEINDIA exhibited a notable breakout above the medium-term "Downward Sloping Trendline" pattern at 491, supported by a strong bullish candle on the weekly chart, indicating a sustained continuation of the medium-term uptrend. The increase in volume activity at the breakout confirms a surge in participation, validating the strength of the breakout.Additionally, the break above the consolidation zone within the 492-475 range suggests a continuation of the uptrend following the period of consolidation.

The stock is exhibiting a pattern of higher high-low formations on a daily chart while maintaining a position above a medium-term upward-sloping trendline, suggesting a sustained uptrend. The daily Relative Strength Index (RSI) has experienced a positive crossover above its reference line, signaling a bullish bias. Following the breakout from the Downward sloping trendline, the stock is expected to rally towards previous swing highs, with targets set at 540-565," said Axis Securities in a report.

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.