Rs 50 Interim Dividend: Record Date Is 7th March; Buy The Pharma Stock?

At the close of trading on Saturday, Sanofi India Ltd.'s market value was Rs 20,119.24 Cr, making it a large-cap pharmaceutical firm. One of the companies that Sanofi uses to conduct business in India is Sanofi India Limited. Hoechst Fedco Pharma Private Limited was the name under which it was formed in May 1956. One of the top healthcare firms in the world, Sanofi's shares are traded on the National Stock Exchange (Security Code: Sanofi) and the Bombay Stock Exchange (Security Code: 500674). This week, the stock will be the main focus because the scrip will shortly trade ex-dividend, with a 500% dividend payout.

Sanofi India Interim Dividend

"The Board has declared an Interim Dividend of Rs 50 per equity share of the face value of Rs 10 each for the Financial Year ended 31st December, 2023, to be paid to those members whose name appear on the Register of Members of the Company on 7th March, 2024 being the Record Date. The said dividend will be paid on or after 20th March, 2024," said Sanofi India in a stock exchange filing.

Sanofi India Final Dividend

The Board "Recommended a final dividend of Rs 117/-per equity share of the face value of Rs 10 each for the Financial Year ended 31st December 2023, subject to the approval of Shareholders at the ensuing 68th Annual General Meeting. Payment of dividend will be made on or after 24th May 2024, to those members whose names are on the Company's Register of Members on Friday, 3rd May 2024 and those whose names appear as Beneficial Owners as at the close of the business hours on Friday, 3rd May 2024 as per the details to be furnished by the Depositories, viz. NSDL and CDSL for this purpose," said Sanofi India in a regulatory filing.

Sanofi India Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said SANOFI, currently trading at 8760 levels, is showing signs of a positive technical outlook. The stock has recently rebounded from the support levels around 8619 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 8849, which is in proximity to the 20-Day Exponential Moving Average (EMA). 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 9077 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 47.89 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.

Based on the above analysis SANOFI can be purchased at a CMP of 8760, It can also be added upto 8695 for the target of 9077 levels with a SL of 8555.

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.