Rs 9/Share Dividend: Speciality Retail Stock Vedant Fashions To Turn Ex-Dividend Tomorrow For 900% Payout

A large-cap firm operating in the speciality retail industry is Vedant Fashions. Men's ethnic and celebration wear products like sherwanis, kurtas, jackets, and accessories like jutti, safa, and mala are among the company's products. Women's ethnic and celebration wear products like lehengas, sarees, stitched suits, gowns, and kurtis are also available.

With 11 international outlets in the United Arab Emirates and the United States, the firm has a retail footprint of 600+ stores throughout more than 200 cities and 3 countries. Vedant Fashions has declared a final dividend of Rs 9 per share for FY23 and the stock is going to trade ex-dividend tomorrow. Due to the company's T+1 settlement type the record date for dividend is also falling on the same date on 17th August 2023.

Vedant Fashions Dividend

The company has declared a final dividend of Rs 9/- per fully paid-up equity share of Rs 1/- each for the financial year ended March 31, 2023, subject to the approval of the shareholders at the ensuing Annual General Meeting of the Company.

"The record date for the purpose of payment of Dividend would be Thursday, August 17, 2023. The Dividend, as recommended by the Board, if approved at the AGM, will be paid on or after Friday, August 25, 2023 to shareholders whose names are registered in the Company's Register of Members as the Beneficial Owners as per the lists to be furnished by NSDL and CDSL in respect of the shares held in electronic form, and whose names appear as Members in the Register of Members of the Company in physical form which are maintained with the Registrar & Share Transfer Agent (RTA), as at the end of business hours on Thursday, August 17, 2023," said Vedant Fashions in a stock exchange filing.

Vedant Fashions Financials

The company recorded a net income of Rs 3,266 mn in Q1FY24 compared to Rs 3,321 mn in Q1FY23. Its net expenses stood at Rs 2,028 mn during the quarter under review as against Rs 1,961 mn in the year-ago quarter. The net profit of Vedant Fashions reached Rs 919 mn in June 2023 quarter compared to Rs 1,009 mn in the same quarter of FY23. The company extended the size of its retail presence by adding 85,000 square feet of net retail space in the first quarter of FY24, bringing it to 1.56 million square feet as of June 2023.

Vedant Fashions Share Price Target

Deven Mehta, Equity Research Analyst, Choice Broking said, "VEDANT FASHION has been moving in a broad range between 1210-1310 the past few days. Yet, the 1210 level has been regarded as a crucial zone which is also close to its 200 Day EMA levels. It is suggesting that the stock is weak below these levels. The stock is currently trading at 1258 which is crucial juncture."
"Even in the larger time frame stocks seem to be in a corrective phase. Stock is trading lower than 20 days, 50 day moving averages indicating lack of buying interest among investors as well. Indicator MACD and RSI are currently skewed on the negative side. Only long-term investors may find that now is the best time to accumulate, and can even add more from lower levels as well," said Deven Mehta.

While writing this copy, the scrip was trading at Rs 1256 apiece. Vedant Fashions made a 52-week-high of Rs 1,501.00 on (06/10/2022) and a 52-week-low of Rs 1,058.45 on (28/03/2023).

Disclaimer

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