Rs 50/Share Dividend: This FMCG Stock To Turn Ex-Dividend On 21st Nov; Buy?

Gillette India is a large-cap company in the FMCG sector with a market cap of Rs 20,805.34 Cr. Gillette's portfolio includes men's shaving and body care products. The stock has declared a dividend of 500% and as per the data available on BSE, the company has fixed 21st November as the ex-dividend date and book-closure date of 22/11/2023-28/11/2023.

Gillette India Dividend

The Board of Directors of the company have recommended a dividend of Rs. 50 per equity share (Nominal Value of Rs. 10/- each), for the financial year ended June 30, 2023. The dividend shall be paid between November 30, 2023 to December 26, 2023, on approval of the Members at the 39th Annual General Meeting, as per a regulatory filing.

"The said final dividend, if approved at the ensuing 39th Annual General Meeting, will be payable to those shareholders whose names appear in the Register of Members of the company or in the records of the Depositories as beneficial owners of the shares as at the close of business hours on Tuesday, November 21, 2023 (Record date)," said the FMCG company in a stock exchange filing.

Gillette India Results

The first quarter ending September 30, 2023, saw a 6.81% growth in net profit for the firm, coming in at Rs 92.69 crore. The firm, which operates on a July-June fiscal year, stated in a regulatory filing by Gillette India Ltd (GIL) that it made a profit of Rs 86.78 crore during the same time last year. Compared to the same quarter last year, when revenue from operations was Rs 619.92 crore, it climbed to Rs 667.55 crore during the quarter under review.

LV Vaidyanathan, Managing Director, Gillette India Ltd. said, "We have started the fiscal on a balanced note, with an encouraging top-line and bottom-line growth. This sequential growth comes behind strong execution of our integrated strategies of a focused product portfolio, superiority, productivity, constructive disruption, and an agile and accountable organization structure. We remain committed to these strategies in the near-term, to continue driving a balanced top and bottom-line growth in a competitive macro-economic environment."

Gillette India Share Price Target

Ameya Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking said, "Gillette is currently trading at 6350, demonstrating robust technical strength as it successfully closed above key short-term, mid-term, and long-term moving averages, namely the 20, 50, 100, and 200 Exponential Moving Averages (EMA). The stock exhibits a steady positive momentum and boasts a strong support level around 6300. The Relative Strength Index (RSI) stands at a balanced 55, indicating a healthy equilibrium between buying and selling pressures."

"Furthermore, the Average Directional Index (ADX) reflects a moderately strong trend at 21, suggesting a well-defined direction in the stock's movement. Gillette has maintained a sideways to positive bias, showcasing a commendable consolidation phase. The stock's potential for an upward trajectory becomes evident upon breaking the consolidation at 6550, with a promising uptick anticipated in the mid-term, targeting levels between 6900 and 7100," the analyst stated.

"Considering the technical indicators and the positive outlook for Gillette, the current levels present an opportune entry point for investors. The stock's solid fundamentals, combined with the anticipated breakout from consolidation, position it favourably for potential gains. As such, based on the aforementioned analysis, Gillette emerges as a compelling buy at its current price. Investors may look to capitalize on the anticipated uptrend, with a strategic eye on the mid-term target range of 6900 to 7100," Ameya Ranadive further added.

Disclaimer

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