100% Dividend: Record Date In This Week On 12th April; Buy The Metal Stock?

In the capital goods industry, Goodluck India Ltd. is a small-cap business having a market valuation of Rs 3,089 Cr as of the BSE closing session on Friday. Goodluck India Limited, an ISO 9001:2008 certified company, was founded in 1986 and specializes in the production and export of a wide range of products, including hollow sections, CR coils, CRCA sheets and pipes, galvanized coils, CDW tubes, forgings and flanges, substation structures, telecom and transmission line towers, bridges for roads and railroads, and road safety equipment. The firm leverages its modern manufacturing facilities and technical experience to also provide telecommunication & transmission towers and structures. Market observers are going to keep a close eye on the stock in the next week as it trades ex-dividend on April 12, 2024, with a 100% payment at a face value of Rs 2. On Friday, the shares of Goodluck India closed 1.58% lower at Rs 971.95 apiece on BSE. The scrip marked a 52-week-high at Rs 1,168.80 on (12/01/2024) and a 52-week-low level of Rs 365.60 on (30/05/2023).

Goodluck India Dividend

The Board of Directors of the company in its meeting held on March 30, 2024 declared and approved a 2nd interim dividend at the rate of 100% i.e. Rs. 2 per equity share of Rs. 2 each for the financial year 2023-24.

"Further, The Company has fixed April 12, 2024 as the record date for the purpose of Second Interim Dividend and April 20, 2024 is fixed as the date of payment of Second Interim Dividend," said Goodluck India in a regulatory filing.

Goodluck India Financials

For the quarter ended December 31, 2023, Goodluck India Ltd. reported a 72.54 per cent rise in standalone net profit, hitting Rs 31.75 crore as opposed to Rs 18.40 crore in the same quarter of FY23. When looking at the operating income on a standalone basis, it increased by 24.41% to Rs 878.27 crore in Q3FY24 from Rs 705.95 crore in Q3FY23. EBITDA (earnings before interest, taxes, depreciation, and amortization) jumped by 41.76% to Rs 75.66 crore in Q3FY24 from Rs 53.37 crore in Q3FY23.

Goodluck India Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said GOODLUCK, currently trading at 972.65 levels, has showcased a robust breakout above the 948 levels, marking a significant breach of a descending trend line. This breakout is indicative of renewed bullish momentum in the stock. Furthermore, the stock is exhibiting strength across multiple time frames, with its price comfortably above its short-term (20-day), medium-term (50-day), and long-term (200-day) Exponential Moving Averages (EMA).

The Relative Strength Index (RSI), a momentum indicator, has surged to 59.01 levels, underscoring the stock's positive momentum. Despite the breakout, GOODLUCK is currently consolidating within a range of 955-1010 levels. A decisive move above the upper band of this range, particularly beyond 1010, could propel the stock towards its next resistance levels at 1060 and 1090.

For investors already holding positions, it is prudent to trail the stop loss to 930, aligning with a strong support level and the 50-day EMA. Meanwhile, those considering fresh investments may seek entry on dips near the lower band of the consolidation range at 955, with a stop loss at 930, targeting potential upside towards the 1060 and 1090 levels.

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.