Tata Power Share Price Target 2024: DIVIDEND announcement on May 8; BUY, SELL or HOLD?

tata power share price target 2024: dividend announcement on may 8; buy, sell or hold?

Tata Power Dividend Announcement: Tata Power has informed the bourses that its Board meeting is set to be held on May 8, 2024 to consider and approve financial statements for the period ended March 2024. The power sector company is also likely to announce a dividend for the fourth quarter of the fiscal year 2024.

“…we hereby inform that a Meeting of the Board of Directors of The Tata Power Company Limited (‘the Company’) is scheduled to be held on Wednesday, May 8, 2024, inter alia, to consider, approve and take on record the Audited Financial Results (both Standalone and Consolidated) of the Company and to recommend dividend, if any, for the financial year ended March 31, 2024,” the company said in its regulatory filing.

Tata Power Dividend History

Tata Power has a rich history of rewarding its shareholders with dividends. In 2023, the Tata Group company declared a dividend of Rs 2 in the month of June. In the year 2022, the power sector company declared a dividend of Rs 1.75 in the month of June. In the year 2021, the company declared a dividend of Rs 1.55 in the month of June. In 2020, the largecap company declared a dividend of Rs 1.55 in the month of July. In 2019, the company declared a dividend of Rs 1.3 in the month of June.

Tata Power Dividend Yield

Considering the company paid a dividend of Rs 2 in the past 12 months, its dividend yield stands at 0.46 per cent at Friday’s closing price of Rs 428.10.

The dividend yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price.

Tata Power Share Price History

According to BSE Analytics, Tata Power shares have given a remarkable 121 per cent rally in the past one year. Currently, it is trading comfortably above its 50-day, 100-day, and 200-day exponentially weighted moving averages (EWMAs).

The stock has hit its new 52-week high of Rs 444.20 on NSE just last week, and is currently trading at a discount of 3.6 per cent from its 52-week high.

The company commands a market cap of Rs 1,36,760.53 crore on the BSE and is a constituent of the S&P BSE 100 index.

Tata Power Share Price Target 2024

ET NOW Panellist and SEBI-registered equity research analyst Dhwani Patel has recommended to ‘HOLD’ shares of Tata Power.

“Given all the market scenarios, we are getting to see a resistance around Rs 450 in Tata Power,” said Patel. For those already holding, the analyst advised to remain invested for 3-4 months, while maintaining a stop loss of Rs 410. Patel, however, didn’t suggest any target price for investors.

“We can see further bullish momentum in the near future in Tata Power shares,” claims Patel.

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