Mid-Cap Healthcare Stock Declares Rs 4/Dividend: Buy, Sell Or Hold?

In the healthcare industry, Metropolis Healthcare Ltd. is a mid-cap company. The largest and only international network of pathology labs and diagnostic centres in India has the name Metropolis Healthcare. Along with an interim dividend announcement for FY24, the firm has released its quarterly results for Q2FY24.

Metropolis Healthcare Dividend

The Board of Directors have "Approved and Declared payment of an Interim Dividend at the rate of lNR 4/-(Indian Rupees Four Only) per Equity Share on the Face Value of INR 2/-(Indian Rupees Two Only) per Equity Share for the Financial Year 2023-24. The Board has fixed Friday. November 17, 2023 as the "Record Date" for the purpose of ascertaining the eligibility of the shareholders for payment of Interim Dividend. The Interim Dividend will be paid to the shareholders within 30 days of declaration," said Metropolis Healthcare in a stock exchange filing.

Metropolis Healthcare Q2 Results

The firm recorded total revenue of Rs. 309.71 crores for the quarter ended September 30, 2023, up 1.65% YoY from Rs. 304.68 crores for the same period ended September 30, 2022. The firm reported net profit in Q2FY24 of Rs 35.45 Cr, down 12.09% YoY from Q2FY23's Rs 40.33 Cr.

In comparison to Rs. 280.1436 crores for the quarter ended June 30, 2023, the firm recorded a total income of Rs. 309.71 crores for the period ended September 30, 2023, indicating a QoQ rise of 10.56%. The net profit jumped by 23.12% QoQ from Rs 28.79 Cr in Q1FY24 to Rs 35.45 Cr in Q2FY24.

Metropolis Healthcare Share Price Target

Deven Mehata-Equity Research Analyst at Choice Broking said "METROPOLIS, presently trading at approximately 1525 levels, displays a favourable technical outlook. The stock benefits from a robust support level near 1400 levels. This support level has proven its reliability as the stock has recently rebounded from these levels, showcasing its resilience. Additionally, METROPOLIS is currently trading above all the key moving averages, which includes the 50-Day, 100-Day, and 200-Day Moving Averages. This demonstrates a strong overall bullish trend and positive price momentum."

"The Relative Strength Index (RSI), a momentum indicator, is currently around 57 levels. This RSI reading indicates a moderate level of strength in the stock, suggesting that it is not overextended. It implies a balanced and sustainable uptrend. There is a minor resistance level observed near 1580 levels. If the stock manages to surpass this resistance, it has the potential to ascend towards the subsequent resistance level at 1630. This represents a possible trading opportunity for investors and traders. For those who have acquired positions at lower levels, it is advisable to consider trailing stop-loss orders, keeping them in close proximity to the support level of 1400," said the analyst.

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.