Hefty Dividend of Rs 100: July 24 Record Date, Stop-loss At Rs 53,195; What’s Target Price?

One of the top suppliers of integrated automation and software solutions, including building and process solutions, is Honeywell Automation India Limited (HAIL). A Fortune India 500 company, HAIL has employees based across India - Pune, Bangalore, Hyderabad, Mumbai, Chennai, Gurgaon, Kolkata, Jamshedpur and Vadodara.

Honeywell Automation India Upcoming Dividend

"The Board, at its meeting held on May 15, 2024, has recommended payment of final dividend at Rs 100/- per equity share of the face value of Rs 10/- each for FY 2023-24. (Previous Year: Rs 95/- per equity share). The dividend, if approved by the Members at the ensuing Annual General Meeting, will result in a total cash pay-out of Rs 884 Million. The Company is in compliance with its Dividend Distribution Policy as approved by the Board. The closing balance of the retained earnings of the Company for FY 2023-24, after all appropriation and adjustments was Rs 34,028 Million," said the company in a statement.

Honeywell Automation India Dividend Record Date

"Pursuant to Regulation 42 of the SEBI Listing Regulations, the Register of Members and Share Transfer Books of the Company will be closed from Thursday, July 25, 2024 to Monday, August 5, 2024 (both days inclusive). The Record Date for determining the names of member eligible for final dividend on equity shares for the Financial Year 2023-24, if approved by the members at the AGM, is Wednesday, July 24, 2024. The payment of such dividend subject to deduction of tax at source will be made from Friday, August 16, 2024," Honeywell Automation India informed stock exchanges.

Honeywell Automation India Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said, "The stock is presently trading at 56300 levels and has found substantial support around 53,195 levels. The recent robust bounce from this support suggests a bullish stance for HONAUT. The potential for further upward movement, potentially reaching new all-time highs, is underlined by the stock's resilience at key support levels. The Relative Strength Index (RSI) indicator is a statement to the stock's strength, comfortably trading at 60.3 levels. Additionally, HONAUT is trading above all significant moving averages, reinforcing its positive technical position."

"A breakthrough above the resistance at 57500 could catalyse a strong upward movement, approaching the all-time high levels of 59,995 and beyond. This analysis suggests a favourable outlook for HONAUT, supported by technical indicators pointing towards potential bullish momentum in the upcoming sessions. Based on the provided technical analysis, we advise purchasing HONAUT at the current market price of 56,300 for a short to medium-term outlook. A stop loss should be set at 53,195 to mitigate risk, targeting a potential rise to 59,995 and 60,500 levels," the analyst further added.

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.