July 29 - Record Date For Rs 120 Dividend: Target Price Rs 8575 - 9260; Check Stop-Loss

Since 1959, Hawkins Cookers Limited has functioned as a market leader in India for pressure cookers and has been exporting its products to different nations on all six continents since 1974. Following the Board of Directors' announcement of the record date for a substantial dividend of 1200% per share, the consumer discretionary small-cap stock has drawn attention among market observers. At its meeting on May 29, 2024, the Company's Board of Directors recommended paying a dividend of Rs. 120 per equity share, with a face value of Rs. 10 per equity share, for the fiscal year that ended on March 31, 2024, with July 29, 2024 set as the record date.

Hawkins Cookers FY24 Dividend

"The Board has recommended a dividend of Rs. 120 per equity share of paid-up and face value of Rs. 10 each (previous year Rs. 100 per equity share of paid-up and face value of Rs. 10 each) which, if approved by the shareholders, shall amount to Rs. 63,45.38 Lakhs (previous year Rs. 52,87.82 Lakhs)," said the company in a regulatory filing.

Hawkins Cookers Record Date For Upcoming Dividend

"The dividend, if approved at the AGM, will be made payable to those Members whose names appear on the Company's Register of Members on August 5, 2024, in respect of shares held in the physical form. In respect of shares held in the dematerialised form, the dividend will be payable on the basis of beneficial ownership as on July 29, 2024, made available by the National Securities Depository Limited (NSDL) and/or the Central Depository Services (India) Limited (CDSL)," Hawkins Cookers has informed to stock exchanges.

Hawkins Cookers Dividend History

"An interim dividend of Rs.80 per equity share for the year 2020-21 was declared in August 2020. In July 2021, an interim dividend of Rs.90 per equity share was declared for the year 2021-22 which, with a final dividend of Rs.60 per equity share declared in August 2022, made Rs.150 as the total dividend for the year. A final dividend of Rs.120 per equity share is proposed for the year 2023-24," the company said in a stock exchange filing.

Hawkins Cookers Share Price Target

KKunal V Parar - VP of Technical Research and Algo at Choice Broking said, "On the daily chart, the stock has consistently traded above its 50-day moving average, indicating bullish momentum. Additionally, the stock found support at its previous peak around the 7650 level, reinforcing bullish sentiment. Furthermore, there has been a breakout above the upper boundary of a descending channel, signalling a bullish breakout."

"The daily momentum indicator, RSI, is trending above the 50 mark, suggesting positive momentum in the stock. Based on this technical analysis, we anticipate a strong upside potential in the stock, targeting levels between 8575 to 9260, with a recommended stop loss at 7610," the analyst further recommended.

Disclaimer

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