Interim Dividend For FY25 of Rs. 31: Tuesday, December 17 Record Date; BUY?

Absolac (ABS) and Absolan (SAN) are produced in India by Styrenix Performance Materials Limited. ABS is a plastic resin made of acrylonitrile, butadiene, and styrene that is used to make machinery, consumer durables, automobiles, and household appliances. Styrene and acrylonitrile are the raw materials for Absolan (SAN), a polymerised plastic resin that is mostly utilised in products including refrigerators, stationery, lights, novelty items, and cosmetic packaging. In a wide range of sectors, including automotive, electronics, residence, construction, healthcare, packaging, toys, sports, and leisure, the firm offers styrenic uses for several everyday goods.

Styrenix Performance Materials Dividend

The Board of Directors considered and approved "Declaration of Interim Dividend for F.Y. 2024-25 of Rs. 31 (i.e. 310 %) per equity share of Rs. 10 each. As informed vide our letter dated December 04, 2024, the record date for the purpose of determining the members eligible to receive the interim dividend 2024-25, has been fixed as Tuesday, December 17, 2024. The dividend will be paid within prescribed timelines," said the company in a stock exchange filing.

Styrenix Performance Materials Financials

Styrenix Performance Materials' net profit increased by 24.25% to Rs 70.10 crore in the September 2024 quarter from Rs 56.42 crore in the September 2023 quarter. In Q2FY25, sales increased 9.78% to Rs 653.22 crore from Rs 595.00 crore in Q2FY24. The company has no debt and a strong balance sheet.

Styrenix Performance Materials Share Price Target

Hardik Matalia - Derivative Analyst at Choice Broking said, "STYRENIX is currently trading around Rs 2,949, near its all-time high. The stock remains in a strong long-term uptrend, marked by the consistent formation of higher highs and higher lows, signifying strong bullish momentum. Recently, the stock consolidated near a key demand zone, showcasing strength during this range-bound phase. A breakout above the consolidation range has driven the stock to new highs, accompanied by a significant surge in trading volumes, further validating the bullish breakout. If STYRENIX sustains above Rs 2,900, it is well-positioned to continue its rally toward higher targets in the near term."

"Traders should consider buying on dips as long as the stock remains above Rs 2,500, which serves as a crucial support zone. The RSI is currently at 78, indicating overbought conditions. This suggests the possibility of either a time-wise consolidation or a price-wise correction, both of which can be seen as opportunities for accumulation. STYRENIX is trading comfortably above its short-term (20-day), medium-term (50-day), and long-term (200-day) EMA levels, reaffirming the strength of its underlying uptrend. Given the breakout supported by strong volumes, traders are advised to adopt a "buy-on-dips" strategy, with a stop-loss placed below Rs 2,500 on a closing basis. A sustained move above Rs 2,900 is expected to trigger the next leg of the rally," the analyst further commented.

Disclaimer

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