Rs 26/Share Dividend: Ex-Date Tomorrow On 19th April; Buy The Stock Today?

Large-cap auto company Schaeffler India Ltd. will be the subject of attention in the remaining sessions of the week as the stock is scheduled to trade ex-dividend on April 19th, according to BSE data. For FY24, the firm has announced a final dividend of 1300% with a face value of Rs 2. The record date for this payment is set for April 26, 2024. German rolling element-bearing producer Schaeffer has joined the ranks of companies that pay out hefty dividends as dividend season approaches.

Schaeffler India Dividend

The Board of Directors have recommended a dividend of Rs.26/- per equity share of face value of Rs. 2/- each.
"Pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Register of Members and Share Transfer Books of the Company shall remain closed from Saturday, April 20, 2024, to Friday, April 26, 2024, both days inclusive, for the purpose of 61st Annual General Meeting ('AGM') and identifying the list of members eligible for the payment of Dividend. The Dividend for the year ended December 31, 2023, if approved by the shareholders at the ensuing AGM shall be paid within 30 days from the date of the AGM," said Schaeffler India in a regulatory filing.

Schaeffler India News

According to the company, a meeting of the Board of Directors is scheduled to be held on Thursday, April 25, 2024, inter alia to consider and approve the unaudited financial results (Standalone and Consolidated) of the company for the quarter ended March 31, 2024.

Schaeffler India Financials

In comparison to the Rs 230.98 crore reported in Q4 CY22, Schaeffler India reported a 5.89% fall in standalone net profit to Rs 217.38 crore in Q4 CY23. To Rs 1,855.07 crore, the revenue from operations grew 3.37% year on year (YoY). Profit before tax for the quarter was Rs 300.52 crore, down 2.92% from the equivalent quarter of the previous fiscal year of 309.57 crore. The company's net profit improved by 3.39% to Rs 909.03 crore for the year as a whole on the back of a 5.22% growth in revenue from operations to Rs 7,226.13 crore in CY23 compared to CY22.

Schaeffler India Share Price Target

"With the onset of the dividend season, Schaeffer, a German manufacturer of rolling element bearings, joins the list of companies that have announced a dividend. The company has declared a dividend of Rs. 26 per share, setting the revised ex-date to 19th April 2025. Currently, the company's stock is trading at Rs.3214, and a few weeks ago its price experienced a breakout from its 200-day Exponential Moving Average (EMA). Judging by the current momentum, we can anticipate an upward trend following a potential re-testing of the Rs.3150-3120 range. For the next 6 months, individuals can closely follow the stock's momentum and chase a target of Rs.3260-3680. However, they must stop loss at Rs.2950 to protect their gains," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

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