Midcap Consumer Durable Stock Fixes Record Date For 75% Dividend, BoB Capital Suggests "Hold"

Published: Saturday, February 4, 2023, 15:44 [IST]

Orient Electric Ltd. (ORIENTEL), a CK Birla Group's mid-cap stock has declared 3rd Interim Dividend in its Board meeting held on 30 February 2023 for the year ending March 31, 2023. The Board also fixed the record date for the declared Interim Dividend. BoB Capital, a leading brokerage firm, has assigned a "Hold" call on the stock of ORIENTEL with a target price of Rs 290 apiece. ORIENTEL is a Consumer Durable sector stock having a market capitalisation of Rs 6,022.08 crore. Here are the details about the stock:

Orient Electric Ltd. Stock Performance and Outlook

The share price of ORIENTEL on Friday closed at Rs 283.10 apiece on NSE, gaining 4% as compared to the previous close of Rs 272.20 apiece. The stock's 52-week high is Rs 358 apiece recorded on 7 April 2022 and 52 week low is Rs 244 apiece recorded on 20 June 2022, respectively. It was listed on 14 May 2018. Since its listing on the stock exchange, it has given 102.21% robust return. The stock in a week has given 6.85% and in 1 month it gave 7.66%, respectively. In the past 3 months, it gave 5.38% positive return. In 1 year it has fallen 15.54%. In 3 years, the stock has given 15.39% positive return.

Orient Electric Ltd. Declared 75% Interim Dividend

According to the regulatory filing by the Board of Directors of Orient Electric Ltd. on January 30, 2023, "The payment of Interim Dividend of Rs. 0.75/- (75%) per equity share of face value of Rs. 1 each for the financial year 2022-23 and have fixed Thursday, February 09, 2023 as the 'Record Date' for determining the shareholders who will be entitled to the said Dividend. The Interim Dividend will be paid to the entitled shareholders within 30 days from the date of declaration."

BoB Capital Market Maintain HOLD for target price of Rs 290/share

According to the BoB Capital, Now that its non-compliant inventory of fans has been exhausted, ORIENTEL is focusing on higher-end BLDC fans, with distribution realignment and product launches expected to boost performance medium term. "We lower our FY23/FY24 EPS estimates by 8%/1% on rating transition impact and roll over to Dec'24E valuations for a revised TP of Rs 290 (vs. Rs 280). We continue to value the stock at 35x P/E - a 30% discount to the 3Y average on 2Y forward basis. Retain HOLD as we believe that HAVL and CROMPTON are better ways to play the energy rating transition in fans," the brokerage has said.

Disclaimer

The stock has been picked from the brokerage report of BoB Capital. 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 consult with certified experts before making any investment decision.

Story first published: Saturday, February 4, 2023, 15:44 [IST]