Dividend of Rs 25: 23rd July - Record Date; A Good Deal To Buy The Pharma Stock?

Founded in Switzerland, Novartis is a multinational healthcare provider. This major international pharmaceutical firm has its headquarters located in Basel, Switzerland. Novartis, which has two legal organisations, Novartis Healthcare Private Limited (NHPL) and Novartis India Limited (NIL), has a substantial presence in India and has been involved in drug development, manufacturing, commercial, and social business activities since 1947.

Novartis India Dividend

"The Board of Directors at its meeting held on Friday, 10th May, 2024 had recommended a Final Dividend of INR 25/- per share (of Face Value of INR 5/- each) for the Financial Year ended 31st March, 2024 subject to the approval of the members at the Annual General Meeting of the Company scheduled to be held on Wednesday, 31st July, 2024. In continuation to the above and pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has fixed Tuesday, 23rdJuly, 2024, as the Record Date for determining entitlement of Members to final dividend for the financial year ended 31st March 2024. If the final dividend as recommended by the Board of Directors is approved at the AGM, such dividend will be paid / dispatched, subject to deduction of tax at source after the AGM," Novartis India said in a regulatory filing.

An Important Note For Shareholders By Novartis India On Dividend Payment

"Payment of dividend for the financial year ended March 31, 2024 as recommended by the Board, if approved at the meeting, will be payable within 30 (thirty) days from the date of its declaration to the shareholders whose names appear in the Register of Members of the Company as on the close of business hours on Tuesday, July 23, 2024 and to those whose names appear as beneficial owners as on end of the day on Tuesday, July 23, 2024. Members are requested to intimate changes, if any, pertaining to their name, postal address, email address, telephone/mobile numbers, Permanent Account Number (PAN), mandates, nominations, power of attorney, bank details such as name of the bank and branch details, bank account number, MICR code, IFSC code, etc., to their DPs in case the shares are held by them in electronic form and to the RTA in case the shares are held by them in physical form," the company informed to stock exchanges.

Novartis India Share Price Target

KKunal V Parar - VP of Technical Research and Algo at Choice Broking said, "On the daily chart, the stock has formed a Shooting Star candlestick pattern, a bearish reversal formation indicating potential downside movement. However, the stock is trading above its 50-day moving average, suggesting a positive trend in the medium term. Moreover, the stock has already given a breakout from its symmetrical triangle formation, which indicates an upward move."

"Additionally, the daily momentum indicator, RSI, is trending above the 50 mark, pointing to positive market sentiment. Based on this technical structure, we expect a significant upside move in the medium term, with target levels ranging from 1300 to 1420. Downside support is observed at 1080," KKunal V Parar further added.

"Pharmaceutical company Novartis India is currently in an overbought position but still displays potential for gains. Those looking to explore this stock can consider entering the buying range of Rs. 1050 and Rs. 1110 for a target price range of Rs. 1200 and Rs. 1450. While there's room to generate a promising return, I recommend setting a stop loss at Rs. 950 for this stock. Additionally, looking at the market conditions, I advise holding it for 5-20 weeks to capitalize on its potential," commented V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

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.