Rs 50/Share Dividend: Mid-Cap Stock To Turn Ex-Dividend Tomorrow For 500%; Buy?

With a market valuation of Rs 9,297.72 Cr, Ingersoll-Rand (India) Ltd is a mid-cap company in the capital goods sector. Leading the global market in a wide range of cutting-edge and mission-critical air, fluid, energy and medical technologies is Ingersoll Rand. The company has set November 22, 2023, as the record date for the interim dividend of Rs 50 per share. Tomorrow, on Wednesday, the stock will trade ex-dividend due to the T+1 settlement process in India.

Ingersoll-Rand Dividend

In a stock exchange filing dated November 08, 2023, the company said "The Board of Directors of the Company at their meeting held today, have declared interim dividend of Rs. 50/- per equity share for the financial year ending on March 31, 2024. Please be informed that the record date for payment of the interim dividend is November 22, 2023. The interim dividend will be paid on December 6, 2023."

Ingersoll Rand Q2 Results

The company reported a standalone revenue from operations of Rs 276.31 crore in the September 2023 quarter up 8.81% from Rs. 253.94 crore in the September 2022 quarter. Its net profit stood at Rs. 49.71 crore in Q2FY24 up 40.19% from Rs. 35.46 crore in Q2FY23. EBITDA reached at Rs. 72.13 crore in the quarter under review up 37.73% from Rs. 52.37 crore in the year-ago quarter.

Ingersoll Rand Share Price Target

Ameya Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking said, "Ingersoll, currently trading at 2946, exhibits a robust technical outlook with a noteworthy accomplishment of closing above key short, mid, and long-term moving averages, including the 50, 100, and 200-day Exponential Moving Averages (EMA). The Relative Strength Index (RSI) stands at 53, indicating a balanced momentum in the stock. Further contributing to its positive momentum is the moderately strong Average Directional Index (ADX) at 16.

An impending breakout is anticipated upon breaching and sustaining the crucial level of 3040." "The stock boasts a resilient support structure along its trendline, validated by multiple bounces, enhancing its overall bullish stance. Investors are advised to consider a 'Buy on Dips' strategy, with a favourable entry point anticipated until the 2900 level.A compelling potential for an upward trajectory is foreseen upon surpassing the 3050 mark, with a short-term target set at 3200.

It is imperative to monitor the 2830 level closely, as a breach would signal weakness in the stock. In summary, Ingersoll presents a promising outlook supported by technical indicators, and strategic investors may find opportunities aligned with the indicated levels for a judicious entry and exit strategy," the analyst added.

INGERRAND is trading in a narrow range and is positively ready for range breakout. Today it has declared a flat dividend of Rs 50.00 per share. Its current PE ratio is lower than its sectors but dividend-paying percentage is almost 150% of its sectors. It is a Mid-cap stock and looking good for swing trading for quick and short-term gains.

Its current RSI is nearly 55 at daily and weekly time frame but monthly RSI is nearly 69 which is on the higher side. I believe it is better to wait for some time and let it complete its pullback move if your view is long-term or be ready for averaging too though it will take time and you should understand that Investing is a game of patience.

At the monthly time frame, its major is near 2460. Long-term investors can have an approach to average in it if it tests this monthly support range. Swing trade can be initiated above 3000 and have 3150 to 3750. Keep stop loss at 2640. Now according to your holding view and return expectation you can opt to trade in it, suggested V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).

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.