Britannia Industries share price gained over a percent in the morning session on April 5 after the company declared an interim dividend at 6,200 percent per equity share for the financial year 2020-21.
The FMCG major has declared an interim dividend at 6,200 percent i.e., Rs 62 per equity share for the financial year 2020-21. The record date for determining the eligibility of shareholders for payment of interim dividend has been fixed as April 10.
The stock was trading at Rs 3,666.30, up Rs 47.90, or 1.32 percent at 09:33 hours. It has touched an intraday high of Rs 3,666.65 and an intraday low of Rs 3,626.80.
“The Board of Directors of the Company have, at their meeting held on April 2, 2021, declared Interim Dividend at 6200 percent i.e., Rs 62 per equity share of face value of Re 1 each for the Financial Year 2020-21,” the company said in a filing to BSE.
“The record date for determining the eligibility of shareholders for payment of interim dividend has been fixed as April 10, 2021. The interim dividend is subject to deduction/withholding of applicable taxes and will be paid on or before April 30, 2021,” the company added.
Domestic research and broking firm Motilal Oswal has a buy rating on the stock with target of Rs 4,120 per share. The firm believes that the management’s efforts in the last few years to expand distribution, boost R&D capabilities, successfully implement its low unit packs strategy, consistent cost rationalization, investment in boosting overall and regional manufacturing capabilities and its new regional strategy is resulting in consistently widening moats over peers in biscuits as well as in the broader food category.
“Immense structural opportunity, remarkable track record, RoEs of over 40 percent superior to most consumer peers, and an attractive risk-reward ratio on FY23E earnings, leads us to be positive on Britannia,” it added.
Global research firm Credit Suisse is of the view that there can be marginal gains in Britannia Industries stock, according to a CNBC-TV18 report.
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News Source:- Moneycontrol