Rs 35 Dividend: August 22 Record Date; Initiate A Trade For The Cash Deal?

Being one of the most reputable brands in the industry today, Bharat Bijlee is an Indian pioneer in the field of electrical engineering. India-based Bharat Bijlee is a well-known provider of electrical engineering services. Power Transformers, Projects, Electric Motors, Magnet Technology Machines, Drives, and Industrial Automation Solutions are its main business fields. The company serves a wide range of industries, including those involved in the creation of the country's infrastructure, including power, refineries, steel, cement, railways, machinery, construction, and textiles. With the headquarters located in Mumbai, the company's Power Transformers, Electric Motors, Elevator Systems, and Drives & Industrial Automation divisions are distributed throughout India through a vast sales and service network.

Bharat Bijlee Dividend

"Your Directors are pleased to recommend a Dividend of Rs 35/- (Rupees Thirty Five only) per fully paid-up equity share of Face Value of Rs 5/- (Rupees Five only) each, i.e., @ 700%, for the Financial Year 2023-2024, subject to approval of the Members at the ensuing 77th Annual General Meeting (AGM) of the Company. The total cash outflow on account of payment of Dividend for the year (if approved) will involve a sum of Rs 39,56,09,200/- (Rupees Thirty Nine Crore Fifty Six Lakhs Nine Thousand Two Hundred only). The Dividend on equity shares, as recommended by the Board of Directors, if declared at the 77th AGM, will be paid to the Shareholders whose names appear in the Register of Members of the Company as on cut-off date i.e., Thursday, August 22, 2024, upon close of business hours and in respect of shares held in dematerialized form, it will be paid to Shareholders whose names are furnished by National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL), as the beneficial owners as on that date," said the company in a stock exchange filing.

Bharat Bijlee Q1 Results

Bharat Bijlee's net profit dropped by 5.53% to Rs 23.93 crore in the quarter that ended in June 2024 from Rs 25.33 crore in the quarter that ended in June 2023. Sales plummeted 15.11% to Rs 374.76 crore in Q1FY25 quarter compared to Rs 441.45 crore in Q1FY24.

Bharat Bijlee Share Price Target

KKunal V Parar - VP of Technical Research and Algo at Choice Broking said, "The stock is trading above its 100-day moving average on the daily chart, indicating a positive trend. Furthermore, it is trading near the strong support of the lower band of a Broadening Rising Wedge formation, reinforcing the bullish outlook in the short term. However, in a smaller time frame, the stock encountered significant resistance at the downward falling trendline, which is positioned around the 4870 level."

"A sustained move above this level is essential for further upside potential. The daily momentum indicator, RSI, is trending above the 50 mark, suggesting positive market sentiment. Given this technical structure, we anticipate an upside move above 4870, potentially reaching levels of 5200 to 5700. On the downside, the stock has support at the 4400 level," the analyst further added.

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.