Rs 70/Share Dividend Recommended: Large Cap AMC Issues Record Date, How To Be Eligible?

Board of Directors of HDFC Asset Management Company Ltd today approved an interim dividend of Rs 70/- per equity share of Rs 5/- each of the company for the FY ended March 31, 2024. Current market price of HDFC Asset Management Company share on BSE is Rs 3811.80 per share with intraday day gain of 1.20%. HDFC Asset Management Company shares offered attractive returns of 104% in last 2-years and 91% in last 1-year. Its market cap today stood at Rs 81,379.03 crore on BSE.

Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group recommended buy call to HDFC AMC share with target price of Rs 4450 per share and maintain stop loss Rs 3790 per share.

Nuvama On HDFC AMC: Doshi said HDFC AMC managed to conquer the selling zone of 3950-4000 from where it was facing profit taking for the past couple of months. Momentum indicators also suggests that stock is ready for a fresh upswing.

Meanwhile, Global brokerage firm JP Morgan in April upgraded its rating on the HDFC AMC stock to overweight from neutral, and revised target price to Rs 4,450 per share, reflecting a surge in market share.

HDFC Asset Management Company Declares Dividend: The BSE filing of HDFC AMC dated June 7, 2024 stated, "Since, the AGM of the Company will be held on the aforesaid date and the Company for the last two financial years has been paying dividend to its shareholders in the month of June, the Board has, accordingly, approved declaration of Interim Dividend of Rs. 70/- per equity share of Rs. 5/- each of the Company, for the financial year ended March 31, 2024, instead of the final dividend as proposed earlier.

HDFC AMC Sets Record Date For Dividend: The exchange filing added, "Further, as already intimated, the Record Date for the purpose of ascertaining the entitlement of the shareholders to the interim dividend, as declared by the Board of Directors, shall be Tuesday, June 18, 2024 and dividend will be paid on or before June 30, 2024."

How To Be Eligible For HDFC Asset Management Company Dividend? Record date play key role in deciding eligibility of shareholders for obtaining dividend. Individuals whose name appear in company's shareholders record as on the record date will become eligible to earn dividend announced by the company. Record date is the particular day on which a company confirms the list of shareholders eligible for its dividend distribution. HDFC AMC fixed June 18 as the record date for interim dividend of Rs 70/share.

HDFC Asset Management Company Q4 Results: HDFC AMC on April 19, 2024 declared a strong rally of 43.8% in its net profit for March 2024 quarter. HDFC AMC announced its profit soared to Rs 541 crore for the quarter ended March 2024 as against Rs 376.17 crore in the corresponding quarter of last year. The consolidated revenue of HDFC AMC for the quarter under consideration jumped by 28.55% to Rs 695 crore as against Rs 540.9 crore (year-on-year).

HDFC AMC Dividend History: HDFC Asset Management Company declared 6 dividends since March 6, 2019. In the past 12 months, HDFC Asset Management Company announced an equity dividend amounting to Rs 48.00 per share. At the current share price of Rs 3811.80, HDFC Asset Management Company offers a dividend yield of 1.26%.

HDFC AMC Share Performance: The 52-week high price of HDFC AMC share on BSE is Rs 4184.35 per share (as on 03/06/2024) and 52-week low price is Rs 1886.00 per share (as on 19/06/2023), respectively. HDFC AMC shares declined over 1% in last 1-week, gained 18% year-to-date, zoomed 27% in last 6-months, and offered return of 110% in last 5-years.

About: HDFC Asset Management Company Ltd (AMC) was incorporated under the Companies Act, 1956, on December 10, 1999, and was approved to act as an Asset Management Company for the HDFC Mutual Fund by SEBI vide its letter dated July 3, 2000. In terms of the Investment Management Agreement, the Trustee has appointed the HDFC Asset Management Company Limited to manage the Mutual Fund. The Company offers a comprehensive suite of savings and investment products ranging from mutual funds, including both actively managed and passive options, to portfolio management services and alternative investment opportunities catering to the needs of a diverse customer base, according to its official website.

Disclaimer:

The stock has been picked from the brokerage report of Nuvama Professional Clients Group and JP Morgan. 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.