Radhakishan Damani Stock Turns Ex-Dividend Ahead of 1:1 Bonus Shares: Buy?

A small-cap company in the consumer discretionary industry is Advani Hotels & Resorts (India). The firm Advani Hotels & Resorts (India) Limited is situated in India. The company uses its South Goa-based Caravela Beach Resort to carry out business operations. In addition to the 1:1 bonus shares, for which the record date will be shared to the exchanges separately in due course, the company on January 29, 2023, declared a dividend of Rs 2 per share, with Friday, February 9, 2024, as the record date. This means that the stock goes ex-dividend today for a 100% payout ahead of the bonus shares that are due.

Advani Hotels & Resorts (India) Dividend

The Board of Directors "Declared the first Interim Dividend @ 100% i.e. Rs. 2/- (Rupees Two only) per Equity Share of face value of Rs. 2/- each for the Financial Year 2023 - 2024. The Interim Dividend shall be paid to the equity shareholders of the Company whose names shall appear in the Register of Members or in the records of the Depositories as Beneficial Owners of Equity Shares as on Friday, February 9, 2024, the Record Date fixed for the aforesaid purpose. The Interim Dividend will be credited or warrants / DD will be dispatched by Monday, February 26, 2024," said Advani Hotels & Resorts (India) in a stock exchange filing.

Advani Hotels & Resorts (India) Bonus Share News

The Board of Directors "Recommended issue of Bonus Equity Shares in proportion of 1:1 i.e. 1 (one) new fully paid-up Equity Share of Rs. 2/- (Rupees Two only) each for every 1 (One) fully paid-up Equity Share of Rs. 2/- (Rupees Two only) each held by the eligible members of the Company as on the 'Record Date', subject to the approval of Members of the Company through Postal Ballot process. Record Date to determine the eligible shareholders for Bonus Equity Shares shall be intimated in due course of time to the exchanges separately," said the company in a regulatory filing.

4,62,19,250 equity shares having face value of Rs. 2/- each aggregating to Rs. 924.39 Lakh is the total number of securities proposed to be issued or total amount for which the securities will be issued as a part of bonus shares. Within 2 months from the date of Board approval i.e. by March 28, 2024 is the estimated date by which such bonus shares would be credited to the eligible shareholders.

Advani Hotels & Resorts (India) Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said the present trading price of ADVANIHOTR is Rs 159.35. The stock has recently consolidated above the Rs 150 level, accompanied by a significant increase in trading volume, indicating price stability. A potential bullish scenario could unfold if the price manages to close above the Rs 170 level, suggesting the possibility of reaching short-term targets around Rs 220 according to Fibonacci extension levels. On the flip side, immediate support levels are identified at Rs 150 and Rs 145, serving as opportunities to consider buying on dips.

The Relative Strength Index (RSI) currently stands at 75, trending upward, signifying increasing buying momentum. Additionally, the Stochastic Relative Strength Index (Stoch RSI) recently underwent a positive crossover, moving out of the oversold region. When analyzed collectively, these technical indicators suggest that ADVANIHOTR may have the potential to reach a target price of Rs 220 in the near future.

To prudently manage risk, it is advisable to set a stop-loss (SL) at Rs 135. This precautionary measure aims to protect the investment in the event of an unexpected market reversal. In summary, considering the technical analysis and current market conditions, ADVANIHOTR appears to offer an enticing buying opportunity for those targeting a Rs 220 price objective, contingent upon implementing appropriate risk management measures.

Radhakishan Damani Shareholding In Advani Hotels & Resorts (India)

As per the data available on BSE for the quarter ended 31st December 2023, acee investor and businessman Radhakishan Damani held 19,30,009 equity shares of the company in his portfolio which is 4.18% of the total fully paid-up share capital.

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.