Tata Group Stock Upcoming Dividend of Rs 5.50: Ex-Date 25th June; Pick A Fresh Stake?

Voltas Limited, an arm of the Tata Group, was established in India in 1954 and offers a range of products including air conditioners, air coolers, air purifiers, water dispensers, and commercial refrigeration and air conditioning. With more than 25,000 customer touchpoints, Voltas is an established market leader in air conditioners in India and one of the top firms among the Tata group.

Voltas Upcoming Dividend 2024

"Based on the Company's performance and keeping in mind the shareholders' interest, the Directors recommend a dividend of Rs 5.50 per equity share of Rs 1 each (550%) for the year 2023-24 (2022-23: 425%). The dividend would result in a cash outflow of around Rs 182 crores, reflecting a payout of 30.12% of the Net Profit. The dividend on equity shares is subject to the Shareholders' approval at the 70th Annual General Meeting ('AGM') scheduled to be held on 10 July, 2024. The Register of Members and Share Transfer Books of the Company will remain closed from 26 June, 2024 to 10 July, 2024 (both days inclusive) for the purpose of payment of the dividend for the year ended 31 March, 2024, and the AGM," said Voltas in its annual report.

Voltas Dividend Record Date

"The Register of Members and Share Transfer Books of the Company will remain closed from Wednesday, 26th June, 2024 to Wednesday, 10th July, 2024, both days inclusive. The dividend of Rs 5.50 per equity share of Rs 1 each (i.e. 550%), if approved and declared by the Members at the AGM, will be paid subject to deduction of income tax at source (TDS) on or after Monday, 15th July, 2024, as under: For Shares held in electronic (demat) form: To all the Beneficial Owners as at the end of the day on Tuesday, 25th June, 2024 as per the list of beneficial owners to be furnished by the NSDL and Central Depository Services (India) Limited (CDSL); and For Shares held in physical form: To all the Members after giving effect to transmission and transposition of shares in respect of valid requests lodged with the Company as of the close of business hours on Tuesday, 25th June, 2024," said Voltas in a regulatory filing.

Voltas Share Price Target

KKunal V Parar, VP of Technical Research and Algo at Choice Broking said, "Based on technical analysis, the stock is exhibiting several bearish signals across different timeframes. The stock has formed a Bearish Engulfing candlestick pattern on the daily chart. This pattern typically signifies a bearish reversal, where a large bearish candle completely engulfs the previous smaller bullish candle, suggesting a shift towards downward momentum. On the hourly chart, the stock has experienced a breakout below its Rising Wedge formation. A Rising Wedge is generally a bearish pattern, and a breakout below its lower trendline often indicates potential further downside in the short term."

"Despite the recent bearish signals, the stock remains trading above its 50-day moving average on the daily chart. This suggests that the medium-term trend still maintains a positive bias, although short-term bearish pressures are evident. The Relative Strength Index (RSI) on the daily chart has shown negative divergence. This occurs when the RSI forms lower highs while the price continues to make higher highs, indicating weakening bullish momentum and potential for a reversal to the downside," he added.

"Based on the above technical structure, considering the Bearish Engulfing candlestick pattern and the breakout of the Rising Wedge, the stock is anticipated to experience further downside. Potential downside targets are identified in the range of 1400 to 1360, while on the upside, the stock faces strong resistance around 1560, which could act as a barrier to any potential recovery or upward movement," KKunal V Parar commented.

"In conclusion, while the medium-term trend remains positive due to trading above the 50-day moving average, the combination of the Bearish Engulfing pattern, breakout of the Rising Wedge, and negative RSI divergence points towards a near-term bearish outlook. Traders and investors should monitor price action around the identified support and resistance levels for potential trading opportunities while considering risk management strategies to protect against further downside potential," 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.