Rs 19.09/Share Dividend: MCX Sets Record Date For Final Dividend: Buy?

Multi Commodity Exchange of India (MCX) is a mid-cap company which deals in the financial services sector. The company has finalized record date for the final dividend and the details for the same have been covered below.

MCX Dividend

The Board of Directors have "Recommended a final dividend of Rs 19.09/- per equity share (face value of Rs.10/- each) for the Financial Year ended March 31, 2023. This proposal is subject to approval of shareholders at the ensuing 21st Annual General Meeting of the Company. The date of 21st Annual General Meeting, the record date to determine the eligibility of shareholders for payment of dividend and the date of payment/dispatch of dividend shall be intimated subsequently," said MCX in a stock exchange filing. While announcing the record date for the purpose of above-said dividend, MCX informed stock exchanges on 29th July that "Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, record date to determine shareholders who will be eligible to receive final dividend, subject to shareholder's approval, will be Friday, 15th September 2023 and payment will be made on/before Tuesday, 24th October 2023."

MCX Financials

Operating income for MCX rose from Rs. 134 crore in the previous quarter or Q4 FY22-23, to Rs. 146 crore for Q1 FY23-24, a rise of 9%. EBITDA margin (consolidated) for Q1 FY23-24 was 19%, while for Q4 FY22-23 it was 14%. The total income of MCX grew by 8% to Rs. 166 crore for the quarter that ended June 30, 2023, from Rs. 154 crore for the quarter that ended March 31, 2023. EBITDA grew by 41% to Rs. 31 crore for the quarter ended June 30, 2023, from Rs. 22 crore for Q4FY23. The company's net profit in Q1FY24 increased sequentially by 261% to Rs. 20 crore from Rs. 5 crore over Q4FY23. MCX's market share in commodity futures during Q1 FY23-24 stood at 96.3%.

MCX Share Price

While writing this copy the shares of MCX were trading at Rs 1660 apiece with a downside gap of 0.47% over the previous close. The stock made a 52-week-high of Rs 1,720.05 on (26/07/2023) and a 52-week-low of Rs 1,156.05 on (28/09/2022). During Q1FY24, the company reported FIIs stake of 24.84%, DIIs stake of 55.05%, public stake of 19.91% and others stake of 0.19%.

MCX Share Price Target

Om Mehra, Equity Technical Analyst · Choice Equity Broking said, "The stock is trading with higher high - higher low in the weekly chart and is holding strong support around 1580-1590 levels. As we see the chart in a broader time frame it is on the verge of breakout of soccer pattern. The stock is bullish and is currently trading in a sideways range from the last couple of days. The stock has an immediate resistance zone around 1700, once it crosses and sustains further upside movement is expected in the coming days. Scrip is trading higher than 50 and 200 DMA as well. Currently, RSI remained above 62 levels. As stock witnessed a gradual increase in volume participation that confirms the bullishness in the trend. Based on the above parameter, one can initiate a long position at cmp (1670), keeping SL as 1610 for the target price of 1790-1840 levels."

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.