Rs 4/Share Dividend By Reliance Group Stock: 20/9 Record Date; How To Trade?

With the Reliance Group holding an equity stake in GTPL Hathway Ltd., GTPL is the largest MSO in India offering digital cable TV services and is a top supplier of private wireline broadband services. It is a top supplier of digital cable TV services in West Bengal and the largest provider of wireline broadband and digital cable TV services in Gujarat. Under the brand name "GTPL Fiber," GTPL Hathway provides broadband services and is presently present in seven states: Gujarat, Rajasthan, Uttar Pradesh, Bihar, Maharashtra, Telangana, and Andhra Pradesh.

GTPL Hathway Dividend

"The Board of Directors has recommended a dividend of Rs 4.00/- (Rupees Four only) per equity share of Rs 10/- (Rupees Ten) each fully paid-up of the Company (last year Rs 4.00/- per equity share of Rs 10/- each). Dividend is subject to approval of members at the ensuing Annual General Meeting ("AGM") and shall be subject to deduction of income tax at source," said the company in its annual report for FY24.

"The Company has fixed Friday, September 20, 2024 as the "Record Date" for the purpose of determining the Members eligible to receive dividend for the financial year 2023-24," GTPL Hathway said in a statement.

GTPL Hathway Financials

Net sales for the quarter ended in June 2024 were reported by the firm as Rs. 535.99 crore, up 5.82% from Rs. 506.49 crore for the quarter ended in June 2023. Its Q1FY25 net profit was Rs. 15.02 crore, down 34.27% from Q1FY24's Rs. 22.85 crore. June 2024 EBITDA was Rs. 69.04 crore, down 0.98% from June 2023's Rs. 69.72 crore.

GTPL Hathway Share Price Target

Hardik Matalia - Derivative Analyst at Choice Broking said, "GTPL is currently trading at 167 levels and showing a sideways consolidation trend within the range of 160-170 with mild fluctuations. The support level for this setup is near 158 levels. The stock is trading above its short-term (20-day) EMA and medium-term (50-day) EMA levels, which indicates buying interest near support zones. If the stock manages to break the level of 172, it could experience a strong breakout, with a short-term target of 195."

"The RSI (Relative Strength Index) is around 55 levels, indicating neutral momentum but slightly leaning toward the bullish side. It also suggests that the stock is neither overbought nor oversold, and a potential move could go in either direction depending on market conditions. In summary, based on technical analysis and current market conditions, if GTPL gives a breakout above 172 levels, it could be a potential buying opportunity with an upside target price of 195. However, it is advisable to implement risk management measures, such as setting a stop-loss at 158, to mitigate any downside risks," he further recommended.

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.