360% Dividend, Record Date In 2-Days: Tata's Metal Stock To Buy On June 18, TP Rs 198

Tata Group company Tata Steel share zoomed 30.84% year-to-date and soared 60.92% in last 1-year. Tata Steel shares will trade ex-dividend on June 21, 2024 for 360% dividend. Sumeet Bagadia of Choice Broking recommended buy call with target price of Rs 198 and keep stop loss at Rs 175 per share. Earlier this year on May 26, 2024 Tata Steel recorded a fall of 64.1% Year-on-Year (YoY) in consolidated net profit at Rs 611.48 crore for the Q4 ended March 31, 2024 amid restructuring cost pertaining to UK and lower steel realization.

Tata Steel's net profit in the corresponding period of last year was announced at Rs 1704.86 crore. Life Insurance Corporation of India (LIC) has 7.29% stake in Tata Steel with 90,97,67,778 shares of the company. Tata Steel has a market capitalisation of Rs 2,28,509.42 crore as on June 14, 2024. Last trading price of Tata Steel shares on BSE is Rs 183.05 per share. Check more details below:

Tata Steel Share Performance & Return: The 52-week high price of Tata Steel shares on BSE is Rs 184.15 apiece (as on 13/06/2024) and 52-week low price is Rs 108.15 per share (as on 26/06/2023), respectively. Tata Steel shares jumped 9.51% in last 2-weeks, gained 39% in last 6-months, offered return of 84% in last 2-years, gained 57% in last 3-years, and offered return of 265% in last 5-years.

Buy Tata Steel Shares For TP Rs 198: According to Sumeet Bagadia of Choice Broking, Tata Steel is presently trading at 183.15 levels, displaying strong technical strength following a robust breakout above the 175 level. This breakout indicates bullish momentum and suggests that Tata Steel has the potential for further upward movement. Tata Steel is also trading above its short-term (20-day), medium-term (50-day), and long-term (200-day) EMA levels, reinforcing the positive sentiment surrounding the stock.

Moreover, momentum indicator RSI has moved higher, currently trading at 62.80. This upward trend in the RSI highlights rising buying interest and strength, suggesting that Tata Steel could continue to soar further, added the analyst.

Tata Steel To Trade Ex-Dividend: According to the regulatory filing of the company as on May 26, "Recommended a dividend of Rs 3.60 per Ordinary (Equity) Share of face value Re 1/- each (360%) to the shareholders of the Company for FY2023-24. The dividend recommended by the Board of Directors of the Company is subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company scheduled to be held on Monday, July 15, 2024."

Record Date For Tata Steel Dividend: The Board has set Friday, June 21, 2024, as the Record Date for determining the Members entitled to receive the dividend for the financial year ended March 31, 2024."

How To Be Eligible For Tata Steel Dividend? Record date plays key role in deciding eligibility of shareholders for obtaining dividend. Traders whose name reflect in company's shareholders record as on the record date will be eligible to earn dividend declared by the company. Record date is the specific day on which a company confirms the list of shareholders eligible for its dividend distribution. Tata Steel fixed June 21 as the record date for dividend.

Tata Dividend History: Tata Steel declared its highest ever dividend of Rs 51/share in 2022. The Tata Group company announced a total of 30 dividends since May 24, 2001. In the last 1-year, the steel giant declared an equity dividend amounting to Rs 3.60 per share. At the current market price of Rs 183.05, Tata Steel offers a dividend yield of 1.97%, according to Trendlyne.

NCDs Update: The company on May 26 reviewed the financing plan of the Company and based on the review, approved issue of additional debt securities, in one or more tranches, up to Rs 3,000 crore in the form of NCDs on private placement basis (Issue). Further, the Board of Directors has authorized a Committee of Directors to determine and approve the quantum, timing and terms and conditions of the issue of the NCDs.

Tata Steel Financial: The consolidated revenue from operations of Tata Steel declared at Rs 58,687.31 crore, down 6.8% Y-o-Y. Sequentially, the company's revenue surged 6.1% and net profit rose 19.1%. For FY24, the consolidated revenue declared at Rs 2,29,170.78 crore as against Rs 2,43,352.69 crore declared in FY23.

Tata Steel Stock Split History: Tata Steel sub-divided/split the face value of its share once since July 28, 2022. Tata Steel split the face value of its shares from Rs 10 to Re 1 in 2022. Tata Steel share traded ex-split as on July 28, 2022.

Tata Steel Bonus Share History: Tata Steel declared 1 bonus share since August 11, 2004. The metal stocks' last bonus was announced in the ratio 1:2 and ex-bonus date was set as August 11, 2004.

Disclaimer: The stock has been picked from the brokerage report of Choice Broking. 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.