Rs 7.50 Dividend Declared: FMCG Giant Reports 1.3% Fall In Net, Buy/Sell? Eligibility

Brokerage firm YES Securities has recommended buy call to ITC Share with target price of Rs 480 per share and keep the stop loss at Rs 420 per share. Current market price of ITC share on BSE is Rs 440.00 per share with intraday gain of 0.06%. Board OF ITC declared a final dividend of Rs 7.50 per ordinary share of Re 1 each for the FY ended March 31, 2024.

ITC share offered maximum return of 111.12% in last 3-years and declined 5.54% year-to-date. Government Of Singapore has 1.44% stake in ITC with 180,057,232 shares while LIC has a high stake of 15.20% with 1,896,861,285 shares of the company. More details below:

ITC Q4 Results: Large cap diversified FMCG sector company ITC Ltd on Thursday declared a decline of 1.3% in its consolidated net profit to Rs 5120.55 crore for the quarter ended March 31, 2024 as against Rs 5,175.48 crore declared in the corresponding quarter of last year. Its revenue from operations soared 2% year-on-year (YoY) to Rs 19,446.49 crore for March 2024 quarter as compared to Rs 19,058.29 crore announced in the similar quarter of last year.

The large cap company declared its consolidated total income for March 2024 quarter at Rs 20,130.32 crore as compared to Rs 19,667.94 crore in the corresponding quarter of last year. Total expenses for the quarter ended March 2024 declared at Rs 13,294.30 crore as compared to Rs 12,907.84 crore announced in the similar quarter of last year. The EPS for March 2024 came at 4.10 from 4.17 declared in March 2023.

ITC Dividend: As per the BSE filing of the FMCG giant dated May 23, 2024, "recommended Final Dividend of Rs 7.50 per Ordinary Share of Re 1/- each for the financial year ended 31st March, 2024, subject to declaration of the same by the Members at the ensuing 113th Annual General Meeting ('AGM') of the Company convened for Friday, 26th July, 2024; the Final Dividend, if declared, will be paid between Monday, 29th July, 2024 and Wednesday, 31st July, 2024 to those Members entitled thereto."

Together with the Interim Dividend of Rs 6.25 per Ordinary Share declared by the Board on 29th January, 2024, the total Dividend for the financial year ended 31st March, 2024 would be Rs 13. 75 per Ordinary Share of Re 1 /- each, added the regulatory filing.

ITC Sets Record Date For Final Dividend: The BSE filing said, "fixed Tuesday, 4 th June, 2024 as the Record Date for the purpose of determining entitlement of the Members for payment of Final Dividend referred to in (a) above."

How To Be Eligible For ITC Dividend? Record date is significant in deciding eligibility of shareholders for obtaining dividend. Individuals whose name reflect in company's shareholders record as on the record date become eligible to receive dividend declared by the company. Record date is the particular day on which a company confirms the list of shareholders eligible for its dividend distribution. ITC fixed May June 4, 2024 as the record date for final dividend.

Yes Securities Recommends Buy Call: According to brokerage firm Yes Securities, The FMCG giant witnessed a gradual decline from Rs 446 to the Rs 423-430 range where it seems to be bottoming out and consolidating as shown by the historical chart patterns on the daily chart. This zone serves as a robust support base. Also, RSI is ascending with a bullish crossover on the daily chart indicating potential for continued upward momentum. A decisive move above Rs 446 would indicate further strengthening and could trigger an upward move towards the next target of Rs 480 in the coming days.

ITC Share Performance: The 52-week high price of ITC Ltd share on BSE is Rs 499.60 per share (as on 24/07/2023) and 52-week low price is Rs 399.30 per share (as on 12/03/2024), respectively. Its market capitalisation stood at Rs 5,46,830.80 crore. The company has PE of 26.67 and ROE of 30.47. ITC share surged 1.72% in last 1-week, gained 3.16% in last 2-weeks, and jumped over 6% in last 3-months. ITC shares tumbled over 6% year-to-date, surged over 2% in last 1-year, and gave 109% in last 3-years.

Disclaimer: The stock has been picked from the brokerage report of Yes Securities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.