Pharma Stock To Buy: Rs 24 All-Time High Dividend, Record Date In 1 Day On 5th Jan; Bet?

Bengaluru, Karnataka, is home to the headquarters of AstraZeneca India, which was founded in 1979. The company's operations, which include production, sales, and marketing, are handled by AstraZeneca Pharma India Limited (AZPIL). It is a subsidiary of the UK-based AstraZeneca Plc and is a listed company. Global biopharmaceutical company AstraZeneca is powered by research and specialises in the development, discovery, and commercialization of prescription medications in the areas of oncology, rare diseases, and biopharmaceuticals, which include cardiovascular, renal & metabolism, and respiratory & immunology. AstraZeneca India shares are likely to be in focus ahead as the company has declared highest highest-ever dividend of Rs 24 with 5th July serving as the record date.

AstraZeneca India Dividend 2024

"We wish to inform that at the meeting of the Board of Directors of the Company held on May 27, 2024, the Board has recommended Dividend of Rs. 24/- per equity share of Rs. 2/- each, subject to the approval of Shareholders at the forthcoming Annual General Meeting of the Company," said AstraZeneca India in a stock exchange filing.

"Further to our intimation dated May 27, 2024, we wish to inform that the Record Date for determining the entitlement of the shareholders for the payment of Final Dividend for financial year 2023-24 is July 5, 2024. The Final Dividend, if approved by the shareholders, shall be paid/dispatched to the shareholders on or before September 6, 2024," the company said in a regulatory filing.

AstraZeneca India New Business Update

"We wish to further update that AstraZeneca Pharma India Limited (Company) has completed the exploration phase for search of a buyer who could act as a Contract Manufacturing Organisation and was unable to find a suitable one. The Company will now explore a buyer for its manufacturing site and exit in due course. The Company remains committed to advance access to innovative medicines in India, with a clear ambition to be pioneers in science, lead in specialist disease areas, and transform patient outcomes. The Company is fully cognizant of the impact this change can bring and its first responsibility will be towards its employees and meeting the needs of its patients by ensuring an uninterrupted supply of medicines," informed AstraZeneca India to stock exchanges on June 21.

AstraZeneca India Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said, "ASTRAZEN is currently trading at 6430 levels, exhibiting a strong consolidation within the range of 6075-6630. This period of consolidation follows a significant upward movement and a breakout above the 6030 level, which is in proximity to its 50-day Exponential Moving Average (EMA). Notably, the stock is positioned above all key moving averages, including the short-term (20-day), medium-term (50-day), and long-term (200-day) EMAs, highlighting its strength and bullish potential."

"The stock's performance suggests that a break beyond the current consolidation range of 6075-6630 could lead to a decisive move in one direction. Investors who have positions from lower levels should maintain their holdings, implementing a trailing stop loss at 6030 levels to safeguard against any potential downside risks. The technical indicators suggest that, upon breaking the 6630 resistance, the stock could target levels of 7230 and higher. The momentum and positioning above all critical moving averages reinforce the stock's potential for continued upward movement," the analyst suggested.

Disclaimer

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