12.5% Dividend: Maharatna PSU Sets Aug 9 As Record Date, Buy For TP Rs 350: Motilal Oswal

Leading large cap public sector undertaking Bharat Heavy Electricals Ltd (BHEL) shares today declined over 4% to Rs 297.30 per share. BHEL shares slipped over 8% in last 1-week but gained 212% in last 1-year. Today, the PSU firm fixed August 9, 2024 as the record date for final dividend of Re 0.25 (i.e. 12.5%) for the year 2023-24. The PSU has a market capitalisation of Rs 1,03,521.74 crore. BHEL also informed today that its 60th Annual General Meeting (AGM) will be held on August 22, 2024. Brokerage firm Motilal Oswal has buy call on BHEL share with target price of Rs 350 and stop loss at Rs 312. It is worth mentioning that Life Insurance Corporation Of India (LIC) has 7.33% stake in BHEL with 255,389,940 shares of the company. More details below:

BHEL Sets Record Date For Final Dividend: As per the regulatory filing of BHEL issued as on July 19, "the Company has fixed Friday, 9th August, 2024 as the "Record Date" for the purpose of determining the eligibility of the members to receive final dividend of Rs. 0.25 per share (i.e. @ 12.5% on the paid up equity share capital) for the year 2023-24."

The dividend, if approved by the members at the ensuing 60th Annual General Meeting (to be held on 22nd August, 2024), will be paid within 30 days from the date of declaration of dividend i.e. on or before 20th September, 2024, added the BSE filing of BHEL.

BHEL Dividend History: Bharat Heavy Electricals announced a total of 37 dividends since August 27, 2001. In last 1-year, Bharat Heavy Electricals announced an equity dividend amounting to Re 0.40 per share. At the current share price of Rs 297.30, Bharat Heavy Electricals offers a dividend yield of 0.13%.

Shareholding Pattern: Promoters holding remains unchanged at 63.17% in June 2024 quarter. FII/FPI have increased holdings from 8.76% to 9.10% in June 2024 quarter. Number of FII/FPI investors increased from 469 to 535 in June 2024 quarter. Mutual Funds have decreased holdings from 5.75% to 5.36% in June 2024 quarter. Institutional Investors have decreased holdings from 24.71% to 24.13% in June 2024 quarter.

Motilal Oswal Has Buy On BHEL Share: Leading analyst Motilal Oswal has recommended traders to buy Bharat Heavy Electricals Ltd share with target price of Rs 350 and keep stop loss at Rs 312. According to the brokerage house, BHEL is consolidating at higher band in between 295 to 320 zones from last 9-weeks and built a robust bullish candle on weekly scale. It is on the verge of channel breakout above 315 zones and small follow up could start the next leg of rally. BHEL is trading above its short term moving averages and good buying interest is SEEN across PSU stocks which will support the ongoing up move.

BHEL Shares Performance & Return Over Years: The 52-week high price of Bharat Heavy Electricals shares on BSE is Rs 335.40 apiece (as on 09/07/2024) and 52-week low price is Rs 94.11 apiece (as on 21/07/2023), respectively. BHEL shares declined 6% in last 2-weeks, soared 50% year-to-date, offered return of 480% in last 2-years, and gained 364% in last 3-years.

BHEL About: BHEL is India's largest engineering and manufacturing enterprise in the energy and infrastructure sectors. Established in 1964, it is a leading power equipment manufacturer globally and one of the earliest and leading contributors towards building an Aatmanirbhar Bharat. The Government of India has granted the MAHARATNA status to BHEL, according to its official website.

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.