NRB Bearings has established itself as a leader in the Indian market, with over 90% of vehicles on Indian roads using its NRB components. The company holds the distinction of being the top bearing manufacturer in India and is certified with ISO 9001. With operations extending to more than 25 countries globally, NRB Bearings is a prominent player in the industry, specializing in traditional cylindrical roller bearings and needle roller bearings.
Recent Developments
Interim Dividend Announcement
On October 4, 2024, NRB Bearings’ Board of Directors declared an interim dividend of ₹2.50 per equity share (equivalent to 125%). The record date for shareholders eligible to receive this dividend is October 16, 2024. The company is set to disburse the dividend within 30 days of the declaration, adhering to statutory timelines.
Financial Performance
For the June 2024 quarter, NRB Bearings reported net sales of ₹253.35 crore, reflecting a 2.41% increase from ₹247.40 crore during the same period in the previous year. However, the company experienced a significant decline in net profit, which fell by 50.8% to ₹17.55 crore compared to ₹35.67 crore in Q1 FY24. Additionally, EBITDA decreased from ₹40.15 crore in June 2023 to ₹34.67 crore in June 2024, marking a drop of 13.65%.
Stock Price Insights
Analysts indicate that NRB Bearings’ stock price is currently bearish but has become oversold on daily charts. A crucial resistance level is identified at ₹296. Investors are advised to consider purchasing shares only if the daily closing price surpasses this resistance point, with a near-term target of ₹320. The support level is observed at ₹276.
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