Rs. 26/Share Dividend: Record Date In Due Course; Bet On The Auto Stock?

In the automobile industry, Schaeffler India Ltd. is a large-cap firm. As of Thursday's closing session on BSE, its market worth was Rs 45,205.37 Cr. The company is a top producer of rolling element bearings for industrial, automotive, and aerospace applications. Schaeffler India, a subsidiary of German company Schaeffler, is listed on the Bombay Stock Exchange and the National Stock Exchange of India.

Schaeffler India Dividend Update

"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 on 28th February 2024.

Schaeffler India Dividend News

The Board of Directors "Recommended a Dividend of Rs. 26/- per Equity Share of face value of Rs. 2/- each. The Dividend for the year ended December 31, 2023, if approved by the Shareholders at the ensuing Annual General Meeting (AGM) shall be paid within 30 days from the date of AGM. Approved convening of 61st AGM of the Company scheduled to be held on Friday, April 26, 2024, through Video Conferencing ('VC') / Other Audio Visual Means ('OAVM') and the closure of the Register of Members and Share Transfer Books of the Company from Saturday, April 20, 2024, to Friday, April 26, 2024, both days inclusive, for the purpose of 61st AGM and identifying the list of members eligible for the payment of Dividend," said Schaeffler India in a stock exchange filing on 16/02/2024.

Schaeffler India Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said SCHAEFFLER is currently trading at Rs 2896 and has been consistently forming lower highs and lower lows, indicating a bearish trend. Moreover, SCHAEFFLER is trading below key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests that the stock has strong negative momentum, indicating the potential for continued downward price action. The Relative Strength Index (RSI) is at 38, indicating a sideways to downtrend in prices and confirming the current bearish momentum.

Based on this analysis, SCHAEFFLER is in a sideways to downtrend phase. The nearest support levels for SCHAEFFLER are at Rs 2770 and Rs 2630, while the nearest resistance levels are at Rs 3000 and Rs 3160. To manage risk effectively, avoid buying at the current market price and instead, watch the support and resistance levels. Buying is only suggested above Rs 3000, which is the current resistance level. Above this level, we may see targets of Rs 3200 and Rs 3300, with a stop-loss (SL) set at Rs 2900.

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.