Rs. 7.20 Dividend: November 20 Record Date; Buy The Great Eastern Shipping Company?

For six decades, The Great Eastern Shipping Company has been the largest private-sector shipping enterprise in India. The company's two primary operations are offshore and shipping. Tankers and dry bulk carriers are the two primary divisions of the shipping business. The shipping business handles the transportation of dry bulk products, oil, petroleum products, and crude oil. Through its subsidiary Greatship (India) Limited, the offshore business provides services to oil corporations in order to conduct offshore exploration and production activities.

The Great Eastern Shipping Company Dividend

"The Board has declared an interim dividend of Rs. 7.20 per share to the equity shareholders of the Company. The 'Record Date' fixed for the purpose of ascertaining the shareholders eligible for receiving interim dividend is November 20, 2024. The interim dividend will be paid to the shareholders on or after December 04, 2024," said the company in a stock exchange filing.

The Great Eastern Shipping Company Financials

Great Eastern Shipping Company's net profit dropped by 3.21% to Rs 575.57 crore in the September 2024 quarter compared to Rs 594.66 crore in the September 2023 quarter. Compared to the year-ago quarter, which ended in September 2023, when sales were Rs 1229.02 crore, sales in the quarter ending in September 2024 increased 10.20% to Rs 1354.40 crore.

The Great Eastern Shipping Company Share Price Target

KKunal V Parar - VP of Technical Research and Algo at Choice Broking said, "The stock has recently broken down from its upward-rising trendline on the daily chart, indicating a weakening trend. Additionally, it is trading below its 200-day moving average, signalling a negative medium-term outlook. The stock has also breached its recent bottom on the weekly chart, suggesting further downside potential."

"The Weekly RSI is trending below the 50 mark, reflecting negative market breadth and confirming bearish momentum. Given this technical setup, we anticipate further downside movement in the stock, with potential support levels around 1000 to 920. On the upside, resistance is seen at 1160," the analyst further added.

Disclaimer

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