Rs 6/Share Dividend Recommended, 1:2 Stock Split Approved: What Should Traders Do?

As to the International Cranes ranking, Sanghvi Movers Limited (SML) is the sixth-largest crane rental firm globally and the largest in India and Asia. Founded in 1989 and going through an IPO in 1994, SML is a Pune-based company with headquarters. The Bombay Stock Exchange and the National Stock Exchange are two platforms where the company's shares are traded. With its depot chain dispersed over more than ten states in India, SML has a presence throughout the country.

Sanghvi Movers Dividend

According to a regulatory filing by Sanghvi Movers, the Board of Directors authorised the recommendation of a final dividend of Rs 6.00/-(300%) each equity share at a face value of Rs 2/-each, subject to approval by the company's Members at the next Annual General Meeting.

Sanghvi Movers Stock Split

Subject to the approval of the company's members, the Board of Directors approved the sub-division/split of one (1) equity share with a nominal/face value of Rs 2 into two (2) equity shares with a face value of Rs 1.

Sanghvi Movers Financials

Revenue for the March 2024 quarter was reported by the firm to be Rs 165.44 crore, up 30.45% from the Rs 126.82 crore recorded in the corresponding quarter of the previous year. In comparison to the Rs 131.52 crore recorded in the corresponding quarter of the previous year, the company's total income from operations for the March 2024 quarter was Rs 176.87 crore. In the quarter under review, the EPS climbed to Rs 11.03 from Rs 7.84 in March 2023. Sanghvi Movers' net profit jumped 40.70% to Rs 47.74 crore in the quarter that ended in March 2024 compared to Rs 33.93 crore in the quarter that ended in March 2023.

Sanghvi Movers Share Price Target

"Sanghvi Movers stock price is bearish on the Daily charts with strong resistance at 1441. A Daily close below support of 1156 could lead to a target of 1065 in the near term," AR Ramachandran from Tips2trades recommended.

Disclaimer

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