Record High Dividend of Rs 22: Buy The Stock To Get The Payout By 8th July?

Supreme Industries Ltd is the largest producer of plastic products with a broad variety of applications with eight distinct business divisions. One of the top plastic manufacturing companies in India, with a national presence for both manufacture and distribution. Over 6,40,000 metric tonnes of plastic polymer are processed annually by Supreme thanks to its strength of 29 factories and production facilities. Being among the largest plastics processors in the country, it competently handle yearly volumes of more than 6,40,000 metric tonnes of polymers and offers a wide range of plastic products in India.

Supreme Industries Dividend

"Dividends declared by the Company are based on the profit available for distribution. On 26th April, 2024, the Board of Directors of the Company have proposed a final dividend of Rs 22 per share in respect of the year ended 31st March, 2024 subject to the approval of shareholders at the ensuing Annual General Meeting, and if approved, would result in a cash outflow of approximately Rs 279.46 Crores," said Supreme Industries in a regulatory filing.

Supreme Industries Record Date For Upcoming Dividend

"Register of Members and the Share transfer books of the Company will remain closed from Saturday the 22nd June, 2024 to Friday the 28th June, 2024 (both days inclusive) for the purpose of Annual General Meeting and Dividend. The Dividend, if declared, will be payable to those Equity Shareholders whose names appear on the Register of Members as at the close of business on 28th June, 2024. In respect of shares held in the electronic form, the dividend will be payable to the beneficial owners as at the close of business on Friday 21st June, 2024 as per details furnished by the Depositories for this purpose," the company said in a statement.

The dividend as recommended by the Board, if approved at the 82nd Annual General Meeting, will be paid on or after 8th July 2024, according to Supreme Industries.

Supreme Industries Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said, "SUPREMEIND is currently trading at 6170 levels, showcasing strong momentum following a robust breakout above 5850 levels. This breakout signals a bullish trend, supported by the stock trading above its short-term (20-day), medium-term (50-day), and long-term (200-day) Exponential Moving Averages (EMAs). On the higher side, there is a minor resistance around 6450 levels."

"If the stock successfully surpasses this resistance, it has the potential to move further up towards the target of 6890 levels, according to Fibonacci extension levels. For investors holding the stock from lower levels, it is advisable to book partial profits at the current levels. Additionally, a trailing stop loss at 5850 levels can be employed to protect against potential downside risks while allowing for further gains. This strategy balances securing profits with maintaining exposure to the stock's potential upside," the analyst recommended.

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.