LIC-Backed Stock To Trade Ex-Dividend This Week For Rs 20/Share: Buy?

With a market valuation of Rs 2,223.91 Cr, Tide Water Oil Company India is a small-cap energy firm. Manufacturer of the Veedol brand, Tide Water Oil Co. (India) Ltd. is a prominent global manufacturer and marketer of high-quality lubricants, serving more than 65 countries. Tide Water Oil's vast retail distribution network in India is made up of more than 500 direct distributors and dealers that service more than 50,000 retail stores and workshops. The company has its registered headquarters in Kolkata, India, with regional offices in New Delhi, Mumbai, and Chennai.

Tide Water Oil Dividend

"The Board of Directors of the Company at its Meeting held on Saturday, 11th November 2023, recommended payment of First Interim Dividend of Rs. 20/- per equity share of Rs. 2/- each for the year ended 31st March, 2024. The First Interim Dividend will be paid to the members of the Company within 30 days of declaration of dividend. Payment of dividend will be made to those members whose names will be on the Company's Register of Members and will appear as Beneficial Owners as at the close of the business hours on Tuesday, 21st November, 2023 as per the details to be furnished by the Depositories, viz. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) for this purpose," said Tide Water Oil Company India in a stock exchange filing.

A 2100.00% equity dividend, or Rs 42 per share, at face value of Rs 2 has been declared by Tide Water Oil for the financial year ended in March 2023. This translates into a 3.3% dividend yield at the current share price of Rs 1276.35. The business has a strong dividend history and has paid out dividends on a regular basis over the previous five years. Since December 4, 2003, Tide Water Oil Company India Ltd. has issued 38 dividends, according to statistics from Trendlyne.

Tide Water Oil Q2 Results

In Q2FY24, Tide Water Oil Co. India reported net sales of Rs 474.18 crores, up 5.8% year on year from Rs 448.02 crores in Q2FY23. The company's revenue jumped by 0.09 per cent QoQ from Rs 473.74 crore in Q1FY24. From Rs 20.43 crores in Q2 FY23 to Rs 35.22 crores in Q2 FY24, its net profit climbed by 72.3 per cent YoY. Its net profit increased sequentially from Rs 31.19 crores Q1FY24 or a 13 per cent growth.

Tide Water Oil Share Price Target

Tide Water Oil just got a range breakout and is trading at nearly 1270 with RSI at 48 at daily time frame and 69 at weekly time frame. I am seeing a Good upside potential in it and looking good to buy from the 1235 to 1250 range and hold for a mid-term swing trading target ranging from 1350 to to1700, with a stop loss at 1000, said VLA Ambala (SEBI Regd. RA).

Tide Water Oil Shareholding Pattern

During Q2FY24, the company reported promoter shareholding of 57.28%, FIIs stake of 0.97%, DIIs stake of 2.12% and public stake of 37.18%. As per the shareholding pattern of Tide Water Oil Co. India for the July to September 2023 quarter, LIC held 3,55,484 shares or 2.04% fully paid-up equity stake in the company.

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.