Dividend Champion FMCG stock trading near its all-time high; know the record date!

Maggie manufacturer Nestle India Ltd reported its quarter 2 results, along with the announcement of an interim dividend distribution and a stock split in a ratio of 1:10. The FMCG firm reported an 8% increase in revenue quarter on quarter and a 9% increase year on year. Net profit rose by 30% quarter on quarter and 37% year on year. On Friday, the stock reached an all-time high of Rs. 24,279.70.

Nestle India’s Board of Directors declared a second interim dividend for 2023 at Rs. 140 per equity share, with a face value of Rs. 10, resulting in a total pay-out of Rs. 1,349.82 crore. The board also approved the sub-division of existing equity shares, splitting each share into 10 new equity shares, each with a face value of Rs. 1. The record date for the dividend distribution is November 1st, 2023 and the record date for split of existing equity shares will be intimated in due course.

According to the technical chart of Nestle India Ltd, the stock is in an uptrend with a high level of strength, as indicated by the RSI, confirming its bullishness. The stock price has broken through resistance with a large white candle and a substantial increase in volume. Yesterday, the stock found support at the same breakout level, validating the rounding bottom pattern, although the initial downtrend for the chart pattern is missing. Other parameters remain in favour of Nestle India Ltd.

The company has a strong dividend track record, consistently declaring dividends for the last 5 years. The following table provides a history of dividends paid:

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to change. Please consult an expert before making related decisions.