Rekha Jhunjhunwala Portfolio Stock Trades Ex-Dividend Today: Buy/Sell?

In the consumer discretionary industry, Metro Brands Ltd. is a large-cap company. Mumbai is home to Metro Brands, a multi-brand footwear retail business in India. It is one of the largest specialised sellers of Indian footwear and accessories and one of the aspirational Indian brands in the footwear market. With a 55% payment at a face value of Rs 5 per share, the stock will trade ex-dividend today. As a result, the Rekha Jhunjhunwala portfolio stock becomes the center of interest for market observers.

Metro Brands Dividend

The Board of Directors of the company has declared an interim dividend at Rs. 2.75 per equity share on the face value of the paid-up equity shares of Rs 5/-each for the FY 2023-24.

"Pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors, in its Board Meeting held today i.e., on Thursday, January 18, 2024 have fixed Wednesday, January 31, 2024 as the "Record Date" for the purpose of ascertaining the eligibility of shareholders for payment of Interim Dividend for the Financial Year 2023-24," said Metro Brands in a stock exchange filing.

Due to the T+1 settlement mechanism in the country, Metro Brands trades ex-dividend today.

Metro Brands Financials

According to a regulatory filing from Metro Brands Ltd (MBL), the firm recorded a 12.57 per cent fall in consolidated net profit to Rs 98.78 crore for the third quarter ended December 2023 compared to a net profit of Rs 112.99 crore during the October-December period last year. Compared to the same period last year, when it garnered Rs 598.71 crore, its sales for the current quarter surged 6.14 percent to Rs 635.50 crore. In the December quarter, MBL's total expenses increased by 11.77 per cent to Rs 515.53 crore.

Metro Brands Share Price Target

According to Deven Mehata - Equity Research Analyst at Choice Broking in the current market scenario, METROBRAND is positioned at Rs 1154, experiencing a minor pullback alongside sideways consolidation. Noteworthy is the stock's establishment of a support level at the 200-day Exponential Moving Average (EMA), signalling a promising potential for further upward movement, with a targeted peak at Rs 1400. Emphasizing this positive trajectory is the substantial support zone discerned near Rs 1050 on the downside.

A key observation is METROBRAND's current trading position above critical Exponential Moving Averages, including the 200-day EMAs. This underlines a robust bullish momentum, solidifying the expectation of sustained upward price action.

In terms of risk management, market participants are advised to set a stop-loss at Rs 1050, offering a protective shield for their investment. A strategic approach involves actively exploring buying opportunities during market dips, enhancing the potential for optimal entry points.

Upon scrutinizing the technical indicators and evaluating prevailing market conditions, METROBRAND emerges as a promising buying prospect. With a target price set at Rs 1400, contingent upon the implementation of prudent risk management measures, this stock presents an attractive proposition for investors seeking potential gains in the current market environment. The observed support levels, combined with the bullish momentum, contribute to a positive and promising outlook for METROBRAND in the dynamic landscape of technical analysis.

Rekha Jhunjhunwala's Stake In Metro Brands

According to the information available on BSE, Rekha Jhunjhunwala wife of late billionaire stockholder Rakesh Jhunjhunwala held 39,153,600 shares of Metro Brands in her portfolio which is 14.40% of the total paid-up capital of the company.

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.