Rs 6/Share Dividend: Record Date This Week On March 20; Buy The Upper Circuit Stock?

With a market valuation of Rs 950 Cr, Axtel Industries Ltd is a small-cap capital goods firm listed on the BSE. With over 25 years of expertise, Axtel provides tailored solutions for the food processing industry. Process system engineering for the food sector is Axtel's area of expertise. The company offers excellent customer service, product development, and turnkey systems expertise. Its production plant is situated on the Vadodara - Halol highway. The shares of Axtel Industries ended in a 5% upper circuit limit at Rs 587 apiece during the last trading session ahead of trading ex-dividend on 20/03/2024 for Rs 6 per share payout.

Axtel Industries Dividend

"Pursuant to Regulation 30 and 43 read with Schedule III of SEBI (LODR) Regulations, 2015, we hereby would like to inform you that the Board of Directors of our Company has declared interim dividend @ Rs. 6.00 (Rupee Six only) i.e., 60% per equity share of Rs. 10 for the financial year 2023-24, at the meeting of the Board of Directors held on 9th March, 2024. Further, pursuant to Regulation 42 of SEBI (LODR) Regulations, 2015, Wednesday, 20th March, 2024 has been fixed as the record date for the purpose of determining entitlement of the shareholders for the interim dividend," said Axtel Industries in a BSE filing on 09-03-2024.

Axtel Industries Financials

The company reported net sales of Rs 53.79 crore in the December 2023 quarter up 33.25% from Rs. 40.37 crore in the December 2022 quarter. Its net profit stood at Rs. 9.58 crore in Q3FY24 up 333.84% from Rs. 2.21 crore in Q3FY23. The EBITDA of the company reached Rs. 13.43 crore in the quarter reported up 235.75% from Rs. 4.00 crore in the same quarter of the previous fiscal.

Axtel Industries Share Price Target

"The industrial equipment supplier is trading at 587, with its current Relative Strength Index (RSI) pointing at 50 for weekly and 44 for daily time frame. Notably, the daily RSI may suggest a short-term pullback, whereas the weekly RSI may suggest a potential pause or weakening of the current uptrend on the weekly timeframe. AXTEL stocks are currently available at a discounted PE ratio in the safe buying zone. So, traders willing to explore for a short term may consider buying this stock in the 570-590 range and follow a target range between 605 and 630 with their stop loss at 550. The swing traders may consider buying the stock gradually at the current price and continue accumulating more units until it reaches the 490-550 range. For this stock, swing traders can expect a target range from 630/700/730/750/800 while following a strict stop loss at 460," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Disclaimer

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