Savita Oil Technologies Dip As Scrip Turns 200% Ex-Dividend Today: Buy?

Savita Oil Technologies, a small-cap energy firm, began lower on the BSE today at Rs 328.05 per share and was trading with a downward gap of 1.39% at Rs 326.20 compared to the previous close of Rs 330.80. The stock is in the news today because, according to BSE statistics, it goes ex-dividend today for 200%.

Savita Oil Technologies Dividend

The Board of Directors of the company recommended a final dividend @2 00% (i.e. Rs.4/- on each fully paid equity share of Rs.2/-) for the financial year 2022-23, subject to the approval of the shareholders at the ensuing Annual General Meeting of the company.
"Pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and Share Transfer Books of the Company will remain closed from 23rd September, 2023 to 29th September, 2023 (both days inclusive) for taking record of the Members of the Company for the purpose of payment of Dividend subject to the approval of Members at the Annual General Meeting to be held on 29th September, 2023," said Savita Oil Technologies in a stock exchange filing.

As per the data available on BSE, 22nd September 2023 has been fixed as the ex-dividend date by Savita Oil Technologies for the above said dividend payout.

Savita Oil Technologies has announced an equity dividend of 200.00% at a face value of Rs 2, or Rs 4 per share, for the fiscal year FY23. This generates a dividend of 1.22% at the current share price of Rs 329.20. The business has a solid track record of dividend declarations during the past five years. According to the information on Trendlyne, Savita Oil Technologies Ltd. has issued 24 dividends since August 27, 2001.

Savita Oil Technologies Financials

In Q1FY24, the firm reported a total income of Rs 937.40 Cr, which is a rise of 3.53% YoY from Q1FY23's income of Rs 905.45 Cr. The firm reported a net profit of Rs 55.64 Cr in the quarter ended June 2023, down from Rs 90.77 Cr in the same quarter of FY23 which is a fall of 38.71%. The firm reported EPS of Rs.8.05 for the period that ended June 30, 2023, down from Rs.13.14 for the quarter that ended June 30, 2022.

Savita Oil Technologies Share Price Target

Kkunal Parar of Choice Broking believes that "On a smaller time frame, the stock has been trading in an upward rising channel formation which shows a positive strength in the counter. Moreover, the stock has been trading above its all short-term to long-term moving average which again suggests an uptrend in the counter.

Even on a weekly chart, the stock has just taken the support of its Lower Band of Upward Rising Channel formation which shows an upside move towards its upper band of Channel. A weekly indicator MACD is trending with a positive crossover and above its Zero line which points out for a positive breath in the counter. Based on the above technical structure, we are expecting a good upside move in the counter upto the level of 410-465 with strong support of 260.00."

Disclaimer

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