Rs 2.75 Dividend By Maharatna PSU Stock: Buy By Record Date 16th August?

Established on October 23, 1989, under the Company Act, 1956, Power Grid Corporation of India Limited (POWERGRID) is a Schedule 'A', 'Maharatna' Public Sector Enterprise of the Government of India. Utilising its EHVAC/HVDC transmission network, POWERGRID's primary business activity is power transmission. India's largest electric power transmission utility company is Power Grid Corporation of India.

Power Grid Corporation of India Upcoming Dividend

"Pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is to inform that the Company has fixed the Record Date/Cut-off Date as 16th August, 2024 for determining the entitlement of the members for payment of final dividend on Equity Shares and for the purpose of 35th Annual General Meeting of the Company. Further, pursuant to Regulations 29 & 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is also hereby informed that the final dividend on Equity Shares, if declared by the Members at the 35th Annual General Meeting scheduled to be held on 22nd August, 2024, will be paid/dispatched on 11th September, 2024," said the company in a stock exchange filing.

The Board in its meeting held on 22nd May 2024 has recommended a final dividend of Rs. 2.75 per share (i.e., @ 27.5% on the paid-up equity share capital) for the financial year 2023-24 subject to the approval of the shareholders at the ensuing Annual General Meeting of the company.

Power Grid Q1 Results

In an exchange filing, Power Grid Corporation of India (PowerGrid) reported a 3.52% rise in its consolidated net profit to Rs 3,723.92 crore for the June quarter, up from Rs 3,597.16 crores for the same time last year. Its total sales climbed during the quarter to Rs 11,279.59 crore from Rs 11,257.60 crore in the April-June quarter of the previous fiscal year, 2023-2024. From Rs 6,688.51 crore in Q1FY24 to Rs 6,643.07 crore in Q1FY25, its expenses dropped.

Power Grid Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said, "POWERGRID is demonstrating a strong recovery from its support level of 320, which is also close to its 50-day EMA. This bounce back indicates resilience and potential for further upward movement. The stock is trading above its short-term (20-day), medium-term (50-day), and long-term (200-day) EMA levels, reflecting overall strength in the current trend. On the higher side, a minor resistance is observed near 349 levels. A sustained breakthrough above this resistance could lead to a sharp upward move, targeting 380 levels and beyond."

"For investors holding the stock from lower levels, it is advisable to continue holding with a trailing stop loss set at 320 levels to secure potential gains. Fresh investments can be considered at the current market price and on dips near 330, adhering to the same stop loss levels. This approach balances the potential for significant upside with risk management, given the positive indicators and the stock's recent performance," the analyst further recommended.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.