Rs. 5 Dividend By Coal India: 16th August - Record Date; Buy For TP Rs 570 - 580 After 52W-High

On Thursday, the shares of Coal India opened on the BSE at Rs 535.95 apiece and reached a fresh 52-week-high of Rs 542. Later the Maharatna PSU stock ended 3.48% higher at Rs 540.30 apiece. The buying trend was seen in the PSU stock after the company declared a record date for the final dividend for the financial year 2023-24.

Coal India Upcoming Dividend

"In terms of Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, it is hereby informed that the Company has fixed Friday, 16th August 2024 as the "Record date" for the purpose of ascertaining the eligibility of members for payment of final dividend of @ Rs. 5/- per share (50%) on equity shares for the financial year 2023-24.The dividend, as declared by the Board will be paid to shareholders holding equity shares of the Company, either in electronic or in physical form as on Friday, 16th Aug 2024, i.e, Record Date. Pursuant to the requirement of Income Tax Act, 1961, the Company will be required to deduct taxes at the prescribed rates on the dividend paid to its shareholders The deductible tax rate would vary depending on the residential status of the shareholder and documents submitted by shareholder to the Company/ for Dividend payment," said Coal India in a stock exchange filing.

Coal India Q1 Results

On July 31, Coal India announced a rise in consolidated net profit of 4.24 percent, or Rs 10,943.55 crore, for the quarter that ended on June 30, 2024. For the same time last year, it posted a consolidated net profit of Rs 10,498.39 crore. The PSU company's revenue from operations increased by 1.3% to Rs 36,465 crore in Q1FY25 from Rs 35,983 crore in the same quarter last year. In the first quarter of the current fiscal year, the company's earnings before interest, tax, depreciation, and amortisation (EBITDA) went up by 8% to Rs 16,308.53 crore from Rs 15,089.87 crore in Q1FY24.

Coal India Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said, "The stock has recently ready for breakout of Range on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 520 level, it may have the potential to reach short-term targets of Rs 570 & Rs 580. On the other hand, immediate support levels are located at Rs 490. These levels can be considered as opportunities to buy on dips."

"The Relative Strength Index (RSI) currently stands at 61.7 and is trending upward, indicating increasing buying momentum. To prudently manage risk, it is advisable to set a stop-loss (SL) at Rs 480. This precaution will help protect your investment in case of an unexpected market reversal. In summary, considering the technical analysis and the current market conditions, COALINDIA appears to present an appealing buying opportunity for those aiming for a Rs 570 & Rs 580 price target, provided that appropriate risk management measures are in place," 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.