TATA Group Stock Sets July 1 As Record Date For Rs 16.70/Share Dividend; Buy To Pick-Up Your Stake?

With a market valuation of Rs 51,236 Cr, Tata Communications Ltd, a reputable telecommunication company, is the subject of attention following the announcement of the final dividend record date for FY24. The firm serves over 7,000 clients worldwide, including over 300 Fortune 500 companies, and is present in more than 190 countries and territories.

Tata Communications Dividend

"We would like to inform that the Board of Directors has recommended a final dividend of Rs 16.70 per share (face value of Rs 10 each) for the financial year ended March 31, 2024. This dividend, upon approval of the shareholders at the ensuing Annual General Meeting (AGM), shall be paid to eligible shareholders after its conclusion," said Tata Communications in a regulatory filing.

Tata Communications Dividend Record Date

"We wish to inform you that the 38th Annual General Meeting ('AGM') of the Members of Tata Communications Limited ('the Company') is scheduled to be held virtually on Wednesday, July 17, 2024 in compliance with applicable circulars issued by the Ministry of Corporate Affairs ('MCA'). Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and the Share Transfer Books of the Company will be closed as hereunder for the purpose of payment of dividend for the financial year ended March 31, 2024, subject to deduction of tax at source, if approved by the Members at the AGM," said the IT giant in a stock exchange filing.

Tata Communications has fixed Monday, July 1, 2024 as the record date for the purpose of 38th AGM and payment of dividend as may be declared by the Members at the AGM.

Tata Communications Latest News

"We wish to inform you that Mr. C R Srinivasan, Executive Vice President - Cloud and Cyber Security Services, being part of Senior Management of Tata Communications Limited, has tendered his resignation on May 30, 2024 in order to pursue opportunities outside the Company. The Company has accepted the resignation and his last working day would be July 1, 2024," the company has informed the stock exchanges.

Tata Communications Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said, "TATACOMM is currently trading at 1796 levels, demonstrating a bullish reversal by breaking out of a falling trend line. This breakout indicates renewed strength in the stock's price movement. Significantly, the stock has also managed to recover above its long-term (200-day) and short-term (20-day) Exponential Moving Averages (EMAs), which further confirms the positive sentiment. On the higher side, TATACOMM faces a resistance near the 1820 levels."

"If the stock successfully surpasses this resistance, it is likely to experience a continued upward trajectory towards the target price of 1925 and potentially higher. The presence of this resistance level is crucial as it marks a potential hurdle for the stock's immediate upward movement. Conversely, on the lower side, the stock finds strong support at the 1715 levels. Investors who have entered the stock at lower levels should maintain their positions with a stop loss at 1715 to safeguard against downside risk. This strategic stop loss ensures that gains are protected while allowing for participation in the stock's potential upward movement towards 1925 and beyond," the analyst further added.

Disclaimer

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