1:1 Bonus Issue, Rs 60.60/Share Dividend: Tata IT Stock Set For Dividend, Results On April 23; Bet?

Mid cap Tata Group company Tata Elxsi today informed about its upcoming meeting of Board of Directors to recommend dividend for FY 2023-24 and consider financial results of the company for the quarter ended March 31, 2024. Tata Elxsi shares offered return of 9% in last 6-months and soared 31% in last 1-year. Tata Elxsi share declined 9% year-to-date (YTD).

Meanwhile, leading brokerage firm Prabhudas Lilladher has buy call on Tata Elxsi shares with target price of Rs 9,000 per share. It is worth noting here that Life Insurance Corporation of India (LIC) holds 1,226,008 shares of the company or 1.97%, according to details available on BSE. Check details below:

Tata Elxsi To Consider Dividend: As per the regulatory filing of the company dated April 8, 2024, "Pursuant to Regulation 29(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that a meeting of the Board of Directors of Tata Elxsi Limited ('the Company') will be held on Tuesday, April 23, 2024, inter alia, to consider:
1. The Audited Financial Results of the Company for the quarter and year ended March 31, 2024
2. Recommend dividend if any, on the equity shares of the Company for FY 2023-24."

Tata Elxsi Bonus Share History: Tata Elxsi Ltd declared 1 bonus issue since September 18, 2017. The bonus share was declared in the ratio of 1:1 with ex-bonus date fixed as September 18, 2017.

Tata Elxsi Dividend History: Tata Elxsi Ltd announced 24 dividends since June 21, 2001. In the last 12 months, Tata Elxsi announced an equity dividend of Rs 60.60 per share. At the current share price of Rs 7922.4500, Tata Elxsi offers a dividend yield of 0.76%.

Prabhudas Lilladher Recommends Buy Call: Prabhudas Lilladher has recommended buy call for Tata Elxsi shares with target price of Rs 9000 per share. Recently Tata Elxsi and Dräger, a global leader in medical and safety technology, have announced a collaboration to advance critical care innovation in India. As part of this collaboration, Dräger is expanding its research and development presence by establishing a new Offshore Development Center (ODC) at Tata Elxsi's facility in Pune. The ODC will focus on developing innovative critical care medical devices for both local and international markets."

About: Tata Elxsi began its business on 5th May 1989 in Bangalore, the Silicon Valley of India, to develop and promote applications of electronics, embedded systems, and software. The Mission was to foster innovation in the fast-emerging IT market and accelerate the adoption of leading-edge technologies, according to its official website.