Bajaj Group Stock Declares Rs. 60/Share Dividend: Buy Ahead of Record Date On 28 June?

Listed on both the BSE Limited and the National Stock Exchange of India Limited, Maharashtra Scooters Limited is a subsidiary of Bajaj Holdings and Investment Limited. Its operations include manufacturing dies, fixtures, jigs, and die-casting components, mostly for the automobile sector. Market observers are paying close attention to Maharashtra Scooters considering that the company has declared a substantial dividend of Rs 60 per share. The stock reached a 52-week-high of Rs 8,600.00 on (20/10/2023) and a 52-week-low of Rs 4,613.65 on (26/04/2023). On Thursday, the shares of Maharashtra Scooters ended 0.98% lower at Rs 8026.80 apiece.

Maharashtra Scooters Dividend

The Board of Directors has recommended a final dividend of Rs. 60 per share, or 600%, at a face value of Rs. 10 on the company's equity shares for the fiscal year that ends on March 31, 2024. If the shareholders approve the aforementioned dividend at the subsequent annual general meeting, it will be deposited or credited to the eligible shareholders on July 26 or July 27, 2024. The firm has set Friday, June 28, 2024 as the record date for the purpose of determining those who are entitled to receive the dividend for the financial year ended 31 March 2024.

Maharashtra Scooters Financials

On a standalone basis, the company reported revenue from operations of Rs 5.18 crore in the March 2024 quarter down 43.94% from Rs. 9.24 crore in the March 2023 quarter. Its net profit stood at Rs. 0.10 crore in Q4FY24 down 87.8% from Rs. 0.82 crore in Q4FY23. Its quarterly EBITDA on a standalone basis reached Rs. 0.69 crore in the quarter under review, down 61.88% from Rs. 1.81 crore in the year-ago quarter.

Maharashtra Scooters Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said MAHSCOOTER is currently trading at Rs 8134 and has recently formed a rounding bottom pattern on the daily chart with good volume, indicating a potential reversal and a strong bullish trend. A breakout above Rs 8300 could propel the stock towards the Rs 9600 level, with an immediate resistance at Rs 8800. On the flip side, Rs 7835 serves as a crucial support level.

Furthermore, after a prolonged correction, the stock has reversed from the support level. The Relative Strength Index (RSI) is currently at 71.17, on an upward trajectory, suggesting growing buying momentum. Collectively, these technical indicators imply that MAHSCOOTER has the potential to reach the Rs 9600 target in the near term.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 7800 to protect the investment in case of an unexpected market reversal. A prudent strategy would involve considering buying opportunities on dips at levels around Rs 8000.

In summary, based on technical analysis and prevailing market conditions, MAHSCOOTER appears to present a promising buying opportunity for those targeting a Rs 9600 price objective. It is crucial to implement prudent risk management strategies to navigate potential market fluctuations.

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.