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Small Cap Stock Declares 2nd Interim Dividend, Fixes Record Date, Buy For 29% Upside: ICICI Direct
Transport Corporation of India Limited (TCI), a logistics industry company has declared 2nd Interim Dividend for the year ending March 2023. On 30th January 2023, the company announced its third-quarter earnings and a 125% interim dividend. It is a small-cap stock with a market capitalisation of Rs 4,872.23 Crore. Brokerage firm ICICI Direct has initiated coverage on TCI with a positive outlook and recommends "Buy" the stock with a Rs 810 target price, which implies 29% upside. Below are the key highlights of the stock:
Transport Corporation of India's Stock Performance
The stock of TCI on NSE last traded at Rs 629.20 apiece, up 0.60% from its previous close of Rs 625.45 apiece. The stock's 52 week high is Rs 844.95 apiece and 52 week low is Rs 527 apiece on NSE, respectively.
It has gained 1.8% in the past 1 week and 1.65% in the past 1 month, respectively. In the past 3 months, it has declined 11.96% and in the past 1 year, it declined 10.23%, respectively. In the past 3 years, it gave 135.61% positive return. In the past 5 years, it gave 124.59% positive return.
Transport Corporation of India Declares 2nd Interim Dividend @ 125%
According to the regulatory filing by the Board of Directors of TCI on January 30th, 2023, "Declared 2nd Interim Dividend for FY 2022-23 @125% (Rs. 2.50/-) per Equity Share of Face Value of Rs.2/- each to the Shareholders whose names appear on the Register of Members on the RECORD DATE i.e. Tuesday, the 7th February, 2023, which has been decided in due consultation with the Stock Exchanges. The payment of dividend/dispatch of warrants will be completed within 30 days of declaration of Interim Dividend i.e. on or before 28th February, 2023."
Brokerage firm Recommends Buy Stock For A Target Price of Rs 810/share
According to the ICICI Direct, Although FY24 is expected to show moderation in growth as seaways is already seeing peak asset utilisation (delay in acquisition of ship to H1FY24), normalised base in freight, SCM segment, the management expects to maintain current margins, with a controlled cost structure. "In spite of moderate growth, we maintain our BUY rating as valuations look attractive (debt free, multi-modal business) and margins are maintained. We value the stock at Rs 810 (SOTP)," the brokerage has said.
Disclaimer
The stock has been picked from the brokerage report of ICICI Direct. 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.
