1050% Dividend: Chemical Stock To Trade Ex-Dividend This Week For Rs 105; Buy?

This week, a large-cap chemical firm dubbed Bayer CropScience Ltd. will trade ex-dividend for 1,050%. With a worldwide history spanning over 150 years and key expertise in healthcare and agriculture, Bayer is a life science corporation. The nation is home to all three of Bayer Global's business divisions: Consumer Health, Pharmaceuticals, and Crop Science. The Bayer Group's major business in India is Bayer CropScience Limited, which is openly traded on the Bombay Stock Exchange (BSE: 506285).

Bayer CropScience Dividend

In their meeting on November 3, 2023, the company's Board of Directors decided to declare an interim dividend for the financial year 2023-24 of Rs. 105/-per equity share of Rs. 10/-each.

"This is to inform you that the Record date has been revised and fixed on Thursday, November 16, 2023, for reckoning the shareholders who shall be entitled to receive the Interim Dividend declared for the Financial Year 2023-24 by the Board of Directors at their meeting held on November 03, 2023," said Bayer CropScience in a stock exchange filing.

Due to the company's T+1 settlement mechanism, the shares are going to trade ex-dividend on the same business day.

Bayer CropScience Q2 Results

For the September 2023 quarter, Bayer CropScience Ltd. reported a 37% rise in net income, totalling Rs 222.9 crore. The firm declared a profit of Rs 162.6 crore for the same period in the previous year. Compared to the same period last year, when revenue was Rs 1451.9 crore, the revenue jumped by 11.38 per cent to Rs 1617.2 crore in Q2FY24. Bayer declared a profit of Rs 551.4 crore for the first half of the current fiscal year or H1FY24 which is 18% more than the Rs 465.2 crore generated during the same period last year or H1FY23 whereas revenue surged eight per cent at Rs 3393.6 crore compared to Rs 3147.3 crore in H1FY23.

Bayer CropScience Share Price Target

Mandar Bhojane-Equity Research Analyst at Choice Broking said, "BAYERCROP is currently trading at 5445 levels. On the weekly chart, a rounding bottom pattern has formed, and the price is consolidating at a resistance level. If the price closes above 5540, it is expected to gain momentum on the bullish side with a short-term target of 6100. Buying on dips is suggested around 5150 and 5000 levels, with support identified near the 4900 level. Furthermore, the stock has crossed above its 20-day, 50-day, 100-day, and 200-day Exponential Moving Averages (EMA) and closed above them, which is often considered a bullish sign. It is also trading above other key moving averages, further reinforcing the bullish sentiment."

"The Relative Strength Index (RSI) is presently at 65.3 and is on an upward trajectory, indicating increasing buying momentum. Additionally, the Stochastic Relative Strength Index (Stoch RSI) is displaying a positive crossover. This combination of technical factors suggests that BAYERCROP may have the potential to reach a target price of ₹6100 in the near term," the analyst further added.

Mr. Aditya Gaggar Director of Progressive Shares said, "In the last month, the stock has given a breakout from the Descending Channel which suggests a shift in the trend from bearish to bullish, and to boost the sentiments further, the stock is on the verge of giving a breakout from the Inverted Head and Shoulder formation as well. The leading indicator RSI has given a long-term trendline breakout while a positive crossover was witnessed in the MACD. An above-average volume indicates strong market participation. We have initiated a technical report on the same on 01st October at Rs5340 for a target of Rs6020-Rs6700."

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.