Rs. 94/Share Dividend: 2nd April 2024 Fixed As Record Date; Buy TVS Group Stock?

TVS Holdings Ltd is a mid-cap auto company with a market cap of Rs 16,150.57 Cr as of Thursday's closing session on BSE. India's largest auto component manufacturer and distributor is TVS Holdings Limited (TVSH). TVSH is a prominent provider of die castings made of aluminium for both the automotive and non-automotive industries. TVS Holdings' shares closed today on the BSE at Rs 7982.65 a share, up 0.55%. This was following the Board of Directors' approval of a hefty interim dividend of 1,880% for FY24, with a face value of Rs 5.

TVS Holdings Dividend

"The Board of Directors of the Company at its meeting held today, declared an interim dividend of Rs. 94/- per share (1,880%) on 2,02,32,104 equity shares of Rs.5/- each fully paid up, absorbing a sum of Rs. 190 Cr, for the financial year ending 31st March 2024. The interim dividend declared will be paid to those shareholders, who hold shares in physical form and / or in electronic form and whose names appear in the Register of Members and / or Depositories respectively, as at the close of working hours on 2nd April 2024, being the Record Date fixed by the Company for this purpose. The dividend payment will made within a period of 30 days from the declaration of interim dividend, as provided in the Companies Act, 2013," said TVS Holdings in a stock exchange filing today.

TVS Holdings News

"The Board of Directors at its meeting held today i.e., 21st March 2024, approved the proposal to raise funds upto a sum of INR 650 Crore by way of issuance of Non-Convertible Debentures during the financial year 2024-25," the company further added in the regulatory filing.

TVS Holdings Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said TVSHLTD is currently trading at 7998 levels, having experienced profit booking from its all-time high of 9545. The stock finds robust support near 7820 levels, indicating potential buying interest at these levels. However, investors holding the stock from lower levels are advised to book profits, as the stock is now trading below its short-term (20 Day) and medium-term (50 Day) EMA levels.

For investors considering fresh entry into TVSHLTD, it is prudent to await a reversal in the stock's price action. In the event of a breakdown below the mentioned support of 7820, the stock may witness further correction towards the 7200 level.

This approach balances the potential for buying opportunities at key support levels while also recognizing the need for caution amid the stock's current downward trend. Investors should monitor price movements closely and adjust their strategies accordingly to navigate TVSHLTD's evolving market dynamics.

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.