Rekha Jhunjhunwala Pharma Stock Declares Record Date For 500% Dividend

Jubilant Pharmova is a mid-cap company which deals in the pharma sector. The corporation is a multinational pharmaceutical company with three business divisions: proprietary novel drugs, contract research and development services, and pharmaceuticals. The Rekha Jhunjhunwala portfolio stock Jubilant Pharmova has declared a 500% final dividend for FY23 and for the purpose of the same record date has been made public.

Jubilant Pharmova Dividend

"We hereby refer to our letter dated May 29, 2023 intimating recommendation by the Board of Directors for a dividend of Rs. 5 (Rupees Five only) per equity share of Re. 1 each for the year ended March 31, 2023. The dividend is subject to approval of the shareholders at the ensuing Annual General Meeting ('AGM'). Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has fixed Thursday, August 10, 2023 as the "Record Date" for the purpose of determining names of the Members eligible for the dividend. The dividend, if approved by the shareholders at the ensuing Annual General Meeting of the Company will be paid/dispatched within 30 days from the date of AGM," said Jubilant Pharmova in a stock exchange filing on Monday.

Jubilant Pharmova has announced an equity dividend of 500.00% at a face value of Rs 1, or Rs 5 per share, for the financial year ended March 2023. This generates a dividend yield of 1.34% at the current share price of Rs 370.75. The company has a solid track record of dividend declarations during the past five years. According to Trendlyne's statistics, Jubilant Pharmova Ltd. has issued 22 dividends since August 28, 2001.

Jubilant Pharmova Financials

The firm announced that its consolidated net profit for the first quarter of the current fiscal year that ended in June (Q1FY24) fell by 86.4% YoY to Rs 6.4 crore from Rs 47.1 crore in the corresponding prior-year period. The company reported a net loss of Rs 97.9 crore for Q4FY23. The total revenue climbed 9.3% YoY to Rs 1,587 crore for the quarter that ended on June 30 (Q1FY24), from Rs 1,451.7 crore in Q1FY23. In the quarter under review, the company's EBITDA totalled Rs 178 crore, up over 30% from Rs 137 crore in Q1FY23. While EBITDA margins grew to 11.2% in Q1 FY24 from 9.9% in the corresponding quarter of the previous year. The total expenses for the quarter were Rs 1,568.9 crore as opposed to Rs 1,393.8 crore in Q1FY23 and Rs 1,785.6 crore in Q4FY23.

Jubilant Pharmova Share Price

On Tuesday, the shares of Jubilant Pharmova opened on the BSE at Rs 377.40 apiece and during the afternoon deals the scrip was trading at Rs 370.75 with a downside gap of 1.78% over the previous close. The stock made a 52-week-high of Rs 423.55 on (09/12/2022) and a 52-week-low of Rs 268.80 on (29/03/2023).

During Q1FY24, the company recorded promoter shareholding of 50.67%, FIIs stake of 23.20%, DIIs stake of 1.63%, public stake of 23.91% and others stake of 0.59%. During the said quarter, Rekha Rakesh Jhunjhunwala held 1,06,45,000 shares or 6.68% fully paid-up equity stake in the company.

Jubilant Pharmova Share Price Target

Ameya Ranadive, Sr Equity and Derivatives Analyst · Choice International said, "Jubilant Pharma (JUBLPHARMA) has been observing a persistent downward trend within a sloping channel for the past two months, with the current quotation at 374. The Relative Strength Index (RSI) stands at 45 and is showing a declining pattern, indicating underlying weakness in the stock. Additionally, it is noteworthy that JUBLPHARMA is encountering resistance at the 20-day Exponential Moving Average (EMA), although it remains above the 50-day, 100-day, and 200-day EMAs."

"The crucial support level for the stock lies at 360, and a breach of this level could instigate further selling pressure, causing a potential escalation of bearish sentiment. As a result, it is imperative for JUBLPHARMA to hold above the critical 360 mark to avoid a potential deterioration in its market position. Given the current technical indicators, investors and market participants should exercise caution while monitoring the stock's performance. Any significant dip below the crucial support level may signal a more cautious stance," said Ameya Ranadive.

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