Highest Ever Dividend of Rs. 70 Per Share: To Qualify, Purchase HDFC Group Stock?
As of Monday’s business closing, HDFC Asset Management Company Ltd.’s (AMC) market capitalization was Rs 77,880.03 crore. HDFC Asset Management Company Limited (HDFC AMC) is the investment manager for HDFC Mutual Fund (HDFC MF). The Board of Directors’ declaration of the highest-ever dividend of Rs 70 per share for FY24 has investors keenly monitoring the market, even though the business has disclosed its financial results for the quarter and year that ended on March 31, 2024.
Dividend for HDFC AMC
At its meeting on April 19, 2024, the Board of Directors of HDFC Asset Management Company Limited recommended, subject to shareholder approval at the following Annual General Meeting, a dividend of Rs. 70 per equity share of Rs. 5 per share of the company for the fiscal year ending on March 31, 2024. In the event that the shareholders approve the dividend, it will be distributed or remitted starting the day after the next annual general meeting, in accordance with a regulatory filing.
Q4 Results for HDFC AMC
HDFC Asset Management Company (AMC) reported a net profit for the quarter ended in March of Rs 541 crore on Friday, April 19, up 43.8% from Rs 376.2 crore in the same period the previous year. Revenue climbed by 28.5% to Rs 695.4 crore from Rs 541 crore in the same quarter of the previous fiscal year.
In the fourth quarter, HDFC AMC’s total income rose by 33% to Rs 851 crore, compared to the March 2023 period. With respect to the quarter that ended on March 31, 2024, the company reported an 11.3% QAAUM market share. There were 16.6 million active accounts as of March 31, 2024. As of March 31, 2024, the industry had 44.6 million unique consumers, but PAN or PEKRN assessed the number of unique customers at 9.6 million, or 22% of the market.
Target Share Price for HDFC AMC
HDFC Asset Management Company (HDFCAMC), according to Deven Mehata, an equity research analyst at Choice Broking, is in a consolidative phase and is trading between the ranges of 3590 and 3820. This sideways trend suggests that buyers and sellers are in a state of balance, which might pave the way for a breakthrough in the near future.
Interestingly, the bottom border of this range, around 3590 levels, acts as a strong support level, supported by both market mood and past price activity.
It is recommended that investors who already have positions use a trailing stop-loss method to protect profits and minimize losses, especially in the vicinity of the pivotal support level of 3590. A break below this barrier can indicate a change in the dynamics of the market and call for a reassessment of investment plans.
On the other hand, a clear break over the upper boundary resistance at 3820 levels can lead to a positive breakout and more upside possibilities. Under such circumstances, the stock may aim higher, with 4050 serving as the first objective.
Investors who are thinking about taking new positions can consider entering at the current market price of 3660, setting a sensible stop-loss order at 3590. With this strategy, one may participate in possible upward moves while properly limiting risks associated with the downside. But it’s crucial to keep a careful eye on price activity for indications of a breakthrough or reversal and to modify strategy as necessary.
Notice of Disclaimer Neither the author nor Greynium Information Technologies provide any advice on the aforementioned suggestions, which are offered by market experts. No liability would be assumed by the author, the brokerage business, or Greynium for any losses incurred from choices made in reliance on this article. Before making any financial decisions, consumers are advised by GoodReturns.in to speak with qualified professionals.
