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Footwear Stock Sets Record Date For Dividend, Motilal Oswal Says Buy For Higher Return
Board of Leading mid cap footwear sector stock, Metro Brands Ltd has fixed January 28, 2023 as record date for interim dividend. The company has a market capitalisation of Rs 22,944.81 crore. Meanwhile, Motilal Oswal has recommended investors to buy Metro Brands with a target price of Rs 1050 apiece. If you buy the stock at last trading price of Rs 844.40, you will get potential 24% upside. Check details below:
1. Metro Brands Ltd Sets Record Date For Interim Dividend
According to regulatory filing of the company, "Board of Directors of the Company at their meeting held today i.e., on Tuesday, January 17, 2023, have declared Interim Dividend at Rs. 2.50 per Equity Share (subject to Deduction of TDS) on the face value of the paid-up equity shares of Rupees 5/- each for the FY 2022-23. January 28, 2023, shall be reckoned as the 'Record Date' for the purpose of ascertaining the eligibility of shareholders for payment of Interim Dividend for the FY 2022-23."
2. Metro Brand Stock Performance & Return
The last trading price of the stock is Rs 844.40 apiece with an intraday decline of 0.33%. The stock's 52-week high is Rs 980.00 apiece and 52-week low is Rs 446.00 apiece, respectively. The stock has given return of 3% in last 1-month, declined 9% in last 3-months, and rallied 40% in last 1-year.
3. Motilal Oswal On Metro Brands
According to the brokerage, "Expect revenue to grow by 20% YoY to INR5.8b in 3QFY23. Expect PAT to grow by 15% YoY to INR1.2b. Expect 21 store adds in 3Q, taking the count to 693 stores."
4. About Metro Brands Ltd
It is one of the largest Indian footwear & accessories specialty retailers. In 1955, it opened its first Metro Brands store in Mumbai and have since evolved into a one-stop-shop for all footwear needs, retailing a wide range of branded products.
As of September 30, 2022, the company operated 672 Stores in 158 cities across 30 Indian states and Union territories. Metmill Footwear Private Limited is its subsidiary, and M.V. Shoe Care Private Limited is its joint venture.
Disclaimer
The stock has been picked from the brokerage report of Motilal Oswal. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.
