Rs 80/Share Dividend: Record Date On Friday, 14th June; Buy For Rs 11,000 TP With Stop-Loss At Rs 9400

Headquartered in Pune, Bajaj Auto Limited is a global Indian automobile manufacturer. Over 18 million bikes have been sold by Bajaj Auto, a well-known global manufacturer of two- and three-wheelers, in more than 70 countries. On Thursday, the shares of Bajaj Auto ended 0.19% higher on the BSE at Rs 9921.75 apiece ahead of turning ex-dividend on Friday, 14th June for Rs 80 per share payout.

Bajaj Auto Dividend

"We wish to inform you that the Board of Directors of your Company has at its meeting held on 18th April 2024 recommended dividend of Rs. 80 per equity share of the face value of Rs. 10 each, for the financial year ending 31 March 2024. The dividend, as recommended by the Board, if approved by the shareholders at the ensuing Annual General Meeting to be held on 16 July 2024, will be credited/ paid on 19 July 2024 to shareholders holding equity shares of the Company, on the record date, viz. 14 June 2024," said Bajaj Auto in a regulatory filing.

"This, along with the recent share buyback of Rs 4,932 crores, adds up to an overall payout to shareholders of >95% of the Profits after Tax for the year - a testament to the commitment to reward shareholders from time to time and deliver healthy returns to them," said the company in a statement.

Bajaj Auto News

As of May 2024, the company's overall auto sales increased somewhat to 3,55,323 units from 3,55,148 units in May 2023. The company's exports climbed by 3% to 1,30,236 units in May 2024 compared to May 2023, while its domestic sales were down 1% to 2,25,087 units. Sales of commercial vehicles and two-wheelers were 49,841 units, up 5% YoY, and 3,05,482 units, down 1% YoY, respectively.

Bajaj Auto Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said, "BAJAJ_AUTO Ltd is currently trading at Rs 9923.4 and has shown a strong rally from lower levels, forming higher high and higher low pattern, The immediate support for BAJAJ_AUTO is at Rs 9402. closely aligned with the 20-day Exponential Moving Average (EMA), signifies historical buying interest and provides a foundation for the stock's price stability. This level serves as a potential stop for downward movements. There is a good buying opportunity near the Rs 9700 level for those looking to go long on the stock. If the price breaks the Rs 9950 mark, stock can move towards 11000 levels and higher."

"For a cautious approach, buying on dips is suggested at Rs 9700 with a stop-loss (SL) at Rs 9400. The targets for this trade are Rs 11000. In summary, BAJAJ_AUTO presents potential buying opportunities, but investors should closely monitor the stock's price movement and implement appropriate risk management strategies to protect their investments," the analyst further commented.

Disclaimer

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