Rs 90/Share Dividend: Blue Chip Stock To Turn Ex-Dividend Tomorrow For 1800% Payout

Maruti Suzuki India is a blue chip company which deals in the automobile sector. The company has declared a final dividend of 1800% for FY23 and the stock is going to trade ex-dividend tomorrow on 3rd August.

Maruti Suzuki Dividend

"The Board of Directors ("Board") of the Company has, in its meeting held on 26th April, 2023, recommended a final dividend of Rs. 90/- per equity share having nominal value of Rs. 5/- each for the FY ended on 31st March 2023. The dividend, if approved at the ensuing Annual General Meeting, will be paid to the Members holding equity shares of the Company, in electronic form as at the close of business hours on Thursday, the 03rd August, 2023 on the basis of details of beneficial ownership furnished by the Depositories and to the Members holding shares in physical form whose names appear in the Register of Members of the Company as at the close of business hours on Thursday, the 03rd August, 2023 after giving effect to valid requests received for transmission / transposition of shares on or before Thursday, the 03rd August, 2023," said Maruti Suzuki India in a stock exchange filing.

Maruti Suzuki Financials

The company reported net sales volume of Rs 498,030 Mn in Q1FY24 up by 6.4% YoY from Rs 467,931 Mn recorded in Q1FY23. Its net sales stood at Rs 308,452 mn during the quarter under review up by 22% YoY from Rs 252,863 mn in the year-ago quarter. The EBIT of Maruti Suzuki reached Rs 22,355 mn in Q1FY24 up by 77% YoY from Rs 12,607 mn in Q1FY23. During the quarter ended June 2023 the company's net profit stood at Rs 24,851 mn up by 145% YoY from Rs 10,128 mn recorded in the quarter ended June 2022.

In July 2023, Maruti Suzuki India Limited sold a total of 181,630 units. Domestic sales of 154,685 units, sales to other OEM of 4,746 units, and exports of 22,199 units make up the total sales for the month. During the quarter, the company sold 498,030 vehicles in total, up 6.4% over the same period last year. Sales in the domestic market climbed by 9.1% over Q1FY23 to 434,812 units during the quarter. In comparison to 69,437 units in Q1FY23, the export sales were at 63,218 units in Q1FY24.

Maruti Suzuki Share Price

On Wednesday, the shares of Maruti Suzuki India opened on the BSE at Rs 9739.95 apiece and while writing this copy the scrip was trading at Rs 9562.65 apiece with a downside gap of 1.57% over the previous close of Rs 9715.25. The stock made a 52-week-high of Rs 10,036.70 on (05/07/2023) and a 52-week-low of Rs 8,076.65 on (26/12/2022).

Maruti Suzuki Share Price Target

Deven Mehata, Equity Research Analyst-Choice Broking said, "MARUTI stock has a crucial support level at 9550, which coincides with the 50-day Exponential Moving Average (EMA), suggesting the possibility of a bullish reversal. If the stock manages to break above the immediate resistance at 9703, which is also the 20-day EMA, it could lead to further upward movement. Potential target levels lie between 9885 and 9950. The RSI indicator at 46 is in a supportive position, indicating room for potential price gains."

"As with any trading strategy, it is essential to consider other factors and set appropriate stop-loss levels to manage risks. On Bollinger band we can witness a squeeze and the stock price is approaching the lower band near to 9550 levels. If the lower band is broken then the expansion of the band will lead to more correction in the stock towards the next support of 9320 levels. Also if the stock holds the support of the lower band of the Bollinger band we can witness a bounce from the mentioned levels," said Deven Mehata.

Disclaimer

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