Rs 6/Share Dividend: Record Date - 26th July, Will Be Paid On Or Before 20th August; Buy/Sell?

A multifaceted conglomerate Nesco, the company began as one of the few well-known engineering firms in India and has steadily expanded into a wide range of business sectors, including exhibitions, events, hospitality, MICE, and real estate. Financial results for the quarter and year ending March 31, 2024, have been released by the firm, coupled with the highest dividend announcement of Rs 6 per share ever.

Nesco Dividend

"The Board of Directors has recommended a Final Dividend of Rs 6/- per share (300%) of face value of Rs 2/- each for the financial year ended 31st March 2024 (previous year final dividend of Rs 4.50/- per share (225%). The dividend will be paid if approved by the shareholders at the forthcoming 65th Annual General Meeting (AGM) of the Company," said the company in a regulatory filing.

Nesco Dividend Record Date

The Board of Directors, "Approved closure of Register of Members and the Share Transfer books of the Company from Saturday, 27th July 2024 to Friday, 2nd August 2024 (both days inclusive) for the purpose of payment of Dividend (if approved by the shareholders at the forthcoming AGM). The Dividend, as recommended by the Board of Directors, if approved at the forthcoming AGM will be subject to deduction of tax at source and will be paid on or before 20th August 2024 to those Members whose names are registered in the Register of Members of the Company as on Friday, 26th July 2024 and to the beneficiary holders as per the beneficiary list as on Friday, 26th July 2024 provided by National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL)," Nesco informed to stock exchanges.

Nesco Financials

The company's revenue from operations on a stand-alone basis increased by 20.19% to Rs. 188.97 crore in the March 2024 quarter from Rs. 157.24 crore in the same quarter of 2023. Its net profit climbed by 23.81% from Rs. 84.91 crore in Q4FY23 to Rs. 105.12 crore in Q4FY24. EBITDA jumped by 23.7% to Rs. 148.19 crore in the quarter under review from Rs. 119.80 crore in the corresponding quarter of FY23.

Net profit for the entire year went up by 24.82% to Rs 362.78 crore in the fiscal year that ended in March 2024 from Rs 290.64 crore in the fiscal year that ended in March 2023. Sales for FY24 rose 24.21% to Rs 678.18 crore from Rs 546.00 crore in FY23.

Nesco Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said, "NESCO is currently trading at 915 levels, showcasing a strong bullish trend with a significant breakout above the 890 level. This breakout indicates robust buying interest and a potential for further upside movement. The stock is also supported by strong fundamentals and technical indicators. On the lower side, NESCO has a solid support level near 859, which aligns closely with its 20-day and 50-day Exponential Moving Averages (EMA). This support level provides a reliable safety net for the stock, ensuring that any pullbacks are likely to be met with buying interest. Furthermore, the stock is trading comfortably above its short-term (20-day), medium-term (50-day), and long-term (200-day) EMA levels, reinforcing its strength and positive momentum."

"On the higher side, a minor resistance is noted near the all-time high level of 934. Surpassing this resistance would likely trigger a strong upward move towards the target of 1000 and potentially higher. Investors holding the stock from lower levels should continue to do so, employing a trailing stop loss at 859 to protect gains while allowing for further upside potential. For new investors, any dips near the 890 level present a buying opportunity, with a stop loss set at 859. This strategy positions investors to benefit from the anticipated upward move towards the 1000 level and beyond. Overall, NESCO's technical outlook remains robust, supported by its strong EMA levels and recent breakout," the analyst further recommended.

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.