Rs 16/Share Dividend: To Be Credited On Or Before 8th October; How To Be Eligible?

With more than 40 years of experience, AIA Engineering Ltd., an ISO 9001:2015 certified company, specialises in the design, development, manufacture, installation, and maintenance of high chromium wear-resistant components for grinding equipment used in the cement, mining, and quarry industries in India. The firm has released its FY24 financial results and recommended an 800% dividend for eligible shareholders.

AIA Engineering Dividend

"The Board has recommended dividend of Rs 16/- (@800%) per Equity Share of face value of Rs 2/- each fully paid up for the Financial Year 2023-24 subject to the approval of shareholders of the Company. Pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, it is hereby informed that the Company has fixed Book Closure date from Tuesday, 3rd September, 2024 to Monday, 9th September, 2024 for the purpose of determining entitlement of the members of the Company to receive Dividend of Rs 16/- (@ 800%) per Equity Share having face value of Rs 2/- each fully paid up for the Financial Year 2023-24. The said Dividend, if declared by the shareholders at the ensuing AGM, shall be paid on or before 8th October, 2024, subject to deduction of tax at source as applicable," said AIA Engineering in a stock exchange filing.

AIA Engineering Financials

AIA Engineering's net profit dropped 2.85% to Rs 260.54 crore in the quarter that ended in March 2024 from Rs 268.19 crore in the quarter that ended in March 2023. Sales fell 9.65% in Q4FY24 to Rs 1130.96 crore from Rs 1251.82 crore in Q4FY23. Net profit for the entire year climbed by 7.54% to Rs 1135.57 crore in the fiscal year that ended in March 2024 from Rs 1055.93 crore in the fiscal year that ended in March 2023. Revenue from operations dropped to Rs 4771.82 crore in the fiscal year that ended in March 2024 from Rs 4838.02 crore in the fiscal year that ended in March 2023, a drop of 1.37%.

AIA Engineering Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said, "AIAENG is presently trading at Rs 3758, with the stock price fluctuating in the range of 3650 to 3900. It is anticipated to remain sideways within this range. If the price breaches the 3950 level, there is potential for it to further ascend to the 4222 level in the short run, while support is observed near the 3620 level. The Relative Strength Index (RSI) is currently at 45.42 and is trending sideways , indicating a significant sideways movement. The stock has shown resilience by rebounding from robust support at 3650, aligned closely with its 200-day Exponential Moving Average (EMA) levels. Significantly, it is trading below 20-day and 50-day Exponential Moving Average (EMA). indicating Sideways strength."

"The overall trend for AIAENG is sideways to Bullish, supported by various technical indicators, reinforcing the optimistic outlook. Given these signals, there is a possibility for the stock to achieve a target price of Rs 4222 in the near term. It is advisable to consider buying on dips, particularly around Rs 3700, to capitalize on potential retracements in the stock price. To prudently manage risk, implementing a stop-loss (SL) at Rs 3620 is recommended. This precautionary measure is crucial to safeguard investments in the event of an unexpected market reversal," Mandar Bhojane further recommended.

Disclaimer

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