Rs. 15 Dividend Ahead: June 20 - Record Date; Buy, ADD, Sell Or Hold The TATA-Group Stock?

Automobile Corporation of Goa Ltd. (ACGL), the first major engineering plant established in Goa in 1980, was promoted by Tata Motors Ltd. and EDC Ltd. jointly. At its manufacturing plants in the villages of Goa, Honda and Bhuimpal, the firm produces bus coaches, assemblies, and sheet metal components. The company was founded in 1982 and is a significant supplier of pressings and assemblies to the Pune plant of Tata Motors.

Automobile Corporation of Goa Dividend

"With further reference to our letters dated May 8, 2024, wherein we had informed that the Board of Directors of Automobile Corporation of Goa Limited ('the Company') at its Meeting held on May 8, 2024 had recommended a final dividend of Rs. 15.00 per Equity Share of the face value of Rs 10 each (i.e.,150%) for the financial year ended March 31, 2024, subject to obtaining Shareholders' approval at the ensuing Annual General Meeting ('AGM'), we wish to inform you that the 44th AGM of the Company will be held on Thursday, June 27, 2024 at 3:00 p.m. (IST) through Video Conferencing / Other Audio-Visual Means," Automobile Corporation of Goa said in a stock exchange filing.

"Pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has fixed Thursday, June 20, 2024 as the "Record Date" for the purpose of determining the entitlement of Members to receive the aforesaid dividend for the financial year ended March 31, 2024. The payment of such dividend, if approved by the shareholders at the AGM, shall be distributed amongst them, on or before Wednesday, July 24, 2024 and will be made subject to deduction of tax at source," the company further informed to the stock exchanges.

Automobile Corporation of Goa Financials

In the March 2024 quarter, the company's net income was Rs 174.39 Cr, up from Rs 139.35 Cr in the same quarter of 2023. In Q4FY24, its net expenses were Rs 159.97 Cr, up from Rs 129.35 Cr in Q4FY23. The Automobile Corporation of Goa reported that its net profit in Q4FY24 was Rs 10.91 Cr, compared to Rs 7.73 Cr in Q4FY23 and that its EBIT had reached Rs 14.42 Cr in Q4FY24, up from Rs 10.00 Cr in the same quarter of FY23.

Automobile Corporation of Goa Share Price Target

"Automobile Corporation of Goa Ltd has recorded a breakout of its resistance at the 2000 price point, and the stock is currently trading at Rs. 2065. Those interested in this company stock can consider average buying from Rs.1990 to 2050, as the price level presents a dip buying opportunity. They may chase a target of Rs. 2200-2800, so I advise a holding period of 10-45 days. However, individuals must maintain a strict stop loss of Rs. 1800," commented V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Disclaimer

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