In the dynamic landscape of financial markets, Can Fin Homes has emerged as a formidable player, navigating its journey with strategic precision. The spotlight shines on the company’s recent announcement regarding an interim dividend for the fiscal year 2023-24.
In a recent surge, Can Fin Homes witnessed a 3% uptick, reaching a day’s high of Rs 797.95. This surge is attributed to the company’s Board announcement scheduled for December 22, 2023. The primary agenda of this crucial meeting is to deliberate on the proposal for an interim dividend and determine the record date for dividend disbursement.
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Can Fin Homes Financial Performance Overview
Can Fin Homes, backed by the esteemed Canara Bank, has seen an impressive 44.60% surge in its shares this year, with a stellar 1-year return standing at 46.68%. The financial prowess of the company is underscored by its consistent dividend declarations, with 25 dividends announced since July 3, 2001.
Can Fin Homes Dividend Delight
The company has firmly set the record date for its corporate action on December 29, 2023. This date is pivotal in establishing the eligibility of investors for various corporate actions, such as share splits and bonus shares. Investors keen on maximising their returns eagerly await this date as it shapes the trajectory of their investment strategy.
Marking the Calendar: Dividend Payment Date
According to the official filing the interim dividend, once approved, is slated to be paid on or before January 19, 2024. This timeline provides a clear window for investors to anticipate and plan for the impending financial gains.
Foreign brokerage Jefferies has expressed a bullish sentiment on Can Fin Homes, issuing a ‘buy’ call with a target price of ₹970. This endorsement by Jefferies suggests a potential upside of over 25%, emphasising the company’s resilience and growth prospects.
Historical Dividend Timeline
To gain a deeper understanding of Can Fin Homes’ commitment to shareholder value, let’s reflect on its historical dividend payouts:
|30 June 2023
|08 Dec 2022
|18 Aug 2022
This rich history reinforces the company’s dedication to consistently rewarding its shareholders over the years.
HDFC Securities’ Perspective
HDFC Securities, a reputable financial institution, has echoed optimism by issuing a buy call on Can Fin Homes Ltd. with a target price of Rs 908.0. This endorsement from HDFC Securities aligns with the market sentiment, further bolstering the confidence in Can Fin Homes.
For the quarter ended September 30, 2023, Can Fin Homes reported a standalone total income of Rs 871.04 Crore, marking a notable 5.70% increase from the previous quarter. The company’s robust financial performance is evident in the 32.47% year-on-year growth in total income reaching Rs 657.55 Crore.
Promoters owned a significant 29.99% of the company as of September 30 2023 followed by domestic institutional investors with 27.41% and foreign institutional investors with 11.36%. The company’s diverse ownership structure reflects its appeal to a broad spectrum of investors.
Interim Dividend Declaration
During the financial year 2023–2024 the Board of Directors announced an interim dividend of Rs. 2 per equity share during its meeting on December 20, 2023. It is anticipated that the dividend will be credited on or before January 19, 2024 with December 29, 2023 designated as the ‘Record Date’.
Market Performance Recap
As of the latest trading session, Can Fin Homes Limited was last traded at Rs. 782.55 on the BSE. The day’s performance showcased a commendable intraday high of Rs. 794.00 and a low of 781.00, with a net turnover of Rs. 17,596,720.00.
In conclusion, Can Fin Homes’ strategic moves, coupled with its stellar financial performance, position it as a lucrative investment opportunity. The upcoming interim dividend and the company’s historical commitment to shareholder value add a layer of confidence for investors seeking a stable and rewarding financial journey.
Disclaimer: The information in this “Stock Profile” blog post is for informational purposes only. It is not financial advice. Always consult a qualified expert before making investment decisions.