Rs 5.66/Sh Dividend: PSU Gas Stock Sets Sept 9 As Record Date, Buy/Sell?

Mid cap company from the gas & petroleum sector, Gujarat Gas shares plummeted over 7% in last 2-weeks. Current market price of Gujarat Gas shares on BSE is Rs 590.80 per share. Today Gujarat Gas fixed September 9, 2024 as the record date for dividend of Rs 5.66/- per equity share of the face value of Rs 2/- each for financial year ended March 31, 2024.

The PSU has a market capitalisation of Rs 40,670.09 crore. Gujarat Gas will hold its 12th Annual General Meeting (AGM) on September 26, 2024. Gujarat Gas shares zoomed over 30% in last 1-year. Check key details below:

Gujarat Gas Sets Record Date For Dividend: As per the regulatory filing of Gujarat Gas dated August 19, record date for payment of dividend is Monday, 09th September, 2024 (as at the close of the Business Hours). The dividend Payout Date if declared at the 12th Annual General Meeting scheduled to be held on 26th September, 2024 will be on or before Friday, 25th October, 2024 to the Members whose name appears on the Company's Register of Members as on the Record Date i.e. Monday, 09th September, 2024 as Beneficial owners as at the close of business hours on Monday, 09th September, 2024.

Gujarat Gas Dividend: The exchange filing stated, "Board of Directors of your Company at its Meeting held on 6th May, 2024, has recommended a Dividend of Rs. 5.66/- per Equity Share of face value of Rs. 2/- each for the Financial Year ended 31st March, 2024 and the said Dividend will be paid subject to approval of the Shareholders at the ensuing Annual General Meeting."

Gujarat Gas Shares Performance: The 52-week high price of Gujarat Gas share on BSE is Rs 687.40 apiece (as on 30/07/2024) and 52-week low price is Rs 397.20 apiece (as on 26/10/2023), respectively. Gujarat Gas shares slipped 4.56% in last 1-month, gained over 22% year-to-date, offered return of 20% in last 2-years, and plunged 18% in last 3-years.

Gujarat Gas Stock Split History: Gujarat Gas Ltd split the face value 1 time since January 15, 2019. Gujarat Gas last split the face value of its shares from Rs 10 to Rs 2 in 2019.The share has been quoting on an ex-split basis from January 15, 2019.

Should You Buy Gujarat Gas Shares? Several leading brokerages recommended reduce or underperform call to Gujarat Gas. CLSA has underperform call on Gujarat Gas shares with target price of Rs 420/share. Nomura recommended reduce call with target price of Rs 470/share, and Jefferies maintained underperform call with reduced target price of Rs 450 per share from Rs 460 recommended earlier.

About: Gujarat Gas Limited (GGL) is India's largest City Gas Distribution (CGD) Company in terms of sales volume operating in 44 districts in 6 states of Gujarat, Maharashtra, Rajasthan, Haryana, Punjab & Madhya Pradesh and 1 Union territory of Dadra & Nagar Haveli. GGL continues to hold the leadership position in CGD industry in terms of size and scale of operation. The Company operates more than 815 CNG stations and has connected more than 20.5 lakh households, over 14,900 commercial customers and 4,375 industrial customers.

Disclaimer: The stock has been picked from the brokerage report of CLSA, Nomura, and Jefferies. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.