Dividend @ Rs. 51: August 7 - Record Date; Buy For Target Rs 5055 - 5380, With A Strict Stop-Loss At 4600

The parent company of Royal Enfield, a leader in the middleweight motorcycle market globally, is listed as Eicher Motors Limited (EML). Since 1901, Royal Enfield, the world's oldest motorcycle manufacturer still in continuous production, has been producing its unique bikes. Apart from motorbikes, EML and Sweden's AB Volvo jointly operate VE Commercial Vehicles Limited (VECV), a joint venture that is spearheading modernization in the commercial vehicle industry in India and other emerging nations. The full line of trucks and buses bearing the Eicher label, Volvo trucks in India, engine production and exports for the Volvo Group, non-automotive engines and the Eicher component business are all comprised of VECV. Eicher Motors Ltd reported a total revenue of Rs 16,536 crores (about USD 2.01 billion) for FY '24. Furthermore, VECV disclosed that its total revenue for the fiscal year 2024 was Rs 21,459 crores, or around USD 2.58 billion.

Eicher Motors Record Date For Dividend

"The Board of Directors of the Company at their meeting held on May 10, 2024, considered and recommended a final dividend aggregating to Rs 1,396.41 crores (34.9% of PAT) at Rs 51 per share (nominal value of Rs 1 per share) for the financial year ended March 31, 2024. The dividend per share is the highest ever for EML and is 37.1% higher than the FY 2023 dividend per share," said Eicher Motors in a stock exchange filing.

For the purpose of the above-said dividend, August 7, 2024 (Wednesday) has been fixed as the record date.

Eicher Motors Latest News

Recently on July 18, 2024, the company received a GST demand order for an aggregate amount of Rs. 15 lakhs (which includes tax demand of Rs.5 lakhs, interest of Rs.9 lakhs & penalty of Rs. 1 lakh) from the Office of the Excise and Taxation Officer, Gurgaon (East), Ward-5, Haryana.

On July 12, 2024, Eicher Motors received a GST demand order of Rs. 0.68 crores (which includes tax demand of Rs. 0.35 crores, interest of Rs. 0.30 crores & penalty of Rs. 0.03 crores) from the Office of the Deputy Commissioner, Taxpayer Services, State GST, Ernakulam, Kerala.

Eicher Motors Share Price Target

KKunal V Parar - VP of Technical Research and Algo at Choice Broking has recommended the below trading guide for Eicher Motors.

Daily Chart Analysis:

The stock is trading within an upward-rising channel, indicating a positive movement.
It consistently finds support at its 50-day moving average, reinforcing a bullish trend.

Weekly Chart Analysis:

The stock has broken out of the upper band of a rising wedge formation, suggesting further upward momentum.

Technical Indicators:

The daily RSI is above the 50 mark, indicating positive momentum.

Conclusion:

Based on this technical structure, we anticipate a significant upside, targeting levels between 5055 and 5380, with a strict stop-loss at 4600.

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.