Shree Cement shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Market cap of the firm stood at Rs 90,839.24 crore on BSE. Shares of Shree Cement Ltd turned ex-dividend on Thursday with an interim dividend of Rs 55 per share. The board of directors did not recommend any final dividend for FY23. The cement maker announced a second interim dividend of Rs 55 per equity share of face value of Rs 10 each for the financial year 2022-23. Record date for dividend is today and the actual dividend will be paid on June 21.
Shree Cement stock was trading flat with the scrip falling 0.09% to Rs 25,176 against the previous close of Rs 25,198 on BSE. The stock opened higher at Rs 25,598 on BSE today. Shree Cement stock has climbed 15.12% in one year and gained 7.96% since the beginning of this year. Total 394 shares of the firm changed hands amounting to a turnover of Rs 99.43 crore on BSE. Market cap of the firm stood at Rs 90,839.24 crore on BSE.
In terms of technicals, the relative strength index (RSI) of the stock stands at 55.3, signaling it's trading neither in the overbought nor in the oversold zone. Shree Cement shares have a beta of 0.7, indicating low volatility in a year. Shree Cement shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Here’s a look at what analysts said on the outlook of the stock after it turned ex-dividend.
Osho Krishan, senior analyst - Technical & Derivative Research, Angel One said, “Shree Cement stock has been hovering near the cluster of its EMAs (Exponential Moving Averages) for quite some time with bullish biases. On the technical front, Rs 24,500 should be seen as immediate support, followed by the sacrosanct support of recent swing lows of Rs 24000- Rs 23700. On the higher end, Rs 26500- Rs 26700 is the primary hurdle, and a decisive breach beyond the same could only trigger the next round of rally in the counter.”
Abhijeet from Tips2trades said, "Shree Cements has strong resistance at Rs 26,046 on the Daily charts. A daily close below support of Rs 25,000 could lead to target of Rs 23,674 in the near term."
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "The stock has picked up recently from the bottomed made near Rs 23,700 levels and has got the near-term resistance at around Rs 26100 zone of the falling trendline area where it can halt the upward move. A decisive breach above the resistance would indicate a breakout and can expect a fresh upward move further ahead. The near term support can be maintained near the 50EMA level of Rs 24900 below which it can turn the bias negative."