Rs 3/Share Dividend: PowerGrid InvIT Sets Record Date For Dividend

Mid-cap firm Powergrid Infrastructure Investment Trust Ltd operates in the power industry. In addition to announcing its Q1FY24 results, the company also announced a dividend for the eligible shareholders.

Powergrid Infrastructure Investment Trust Dividend

The Board of Directors of the company have approved the "Declaration of distribution of Rs. 3.00 per unit for the quarter ended June 30, 2023, comprising Rs. 2.03 per unit as interest, Rs. 0.20 per unit as taxable dividend, Rs. 0.24 per unit as exempt dividend, Rs. 0.52 per unit as repayment of SPV Debt and Rs. 0.01 per unit as treasury income; Record date for the distribution to the unitholders will be Wednesday, August 02, 2023 and the payment of distribution will be made on or before Friday, August 11, 2023," said Power Grid Infrastructure Investment Trust in a stock exchange filing.

Powergrid Infrastructure Investment Trust Results

The company reported a net income of Rs 321.06 Cr in Q1FY24 down by 3.11% YoY from Rs 331.38 Cr in Q1FY23. Its net profit stood at Rs 186.61 Cr during the quarter ended June 30, 2023 down by 10.09% YoY from Rs 207.55 Cr reported during the same quarter of FY23. The EPS of POWERGRID Infrastructure Investment Trust stood at Rs 2.05 in Q1FY24 compared to Rs 2.28 in Q1FY23.

Powergrid Infrastructure Investment Trust Share Price Target

Om Mehra, Equity Technical Analyst · Choice Equity Broking said, "Since last year, the stock POWERGRID Unchahar Transmission has been moving in a limited range and has been in the distribution phase. Nonetheless, the 110 level has been identified as a critical support zone, implying that the stock market is weak below these levels. The price has reached a critical juncture. Even over a longer time horizon, stocks appear to be in a corrective phase. The stock is trading below the 20 and 50 day moving averages, indicating a lack of interest in buying among investors. MACD and RSI indicators are currently weighted to the downside. Only long-term investors may discover that this is the ideal time to build up, and they may even be able to add more from lower levels.

While writing this copy the shares of Powergrid Infrastructure Investment Trust were trading on the BSE at Rs 117 apiece. The stock made a 52-week-high of Rs 155.00 on (01/08/2022) and a 52-week-low of Rs 113.05 on (19/06/2023).

Disclaimer

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