Aster DM Healthcare shares jump 14%, hit fresh record high on special dividend announcement

Shares of Aster DM Healthcare jumped 14% to hit a fresh record high of Rs 558.3 in Monday's trade on BSE after the company announced a special dividend of Rs 118 per share.

The Board of Aster DM Healthcare has approved the declaration of a special dividend of Rs 118 per share payable to those shareholders whose names stand on the register of members of the company as of the record date (April 23, 2024), the firm said in an exchange filing.

The special dividend will be paid within 30 days from the date of the declaration.

The company's board has decided not to declare an interim dividend for the financial year 2023-24 (FY24). However, it may consider the declaration of final dividend at the board meeting considering the approval of audited financial statements for FY24, the company said.

At 10:52 am, the stock was trading 7.3% higher at Rs 523.7 on BSE. Additionally, it has delivered multibagger returns to its investors, rallying 110% in the past year and over 175% in the last two years.

As per Trendlyne data, the average target price of the stock is Rs 486, a downside of 7% from the current market prices. The consensus recommendation from 5 analysts for the stock is a 'Buy'.

In technical terms, the relative strength index (RSI) of the stock is currently at 66, signaling it's neither trading in the overbought nor in the oversold territory. Additionally, the MACD is at 1.1, which is above its center and signal line, this is a bullish indicator.

Aster DM Healthcare stock stood higher than the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs).

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)