Goodyear India spurts on dividend bounty

Goodyear India jumped 15.68% to Rs 1015.05 after the company said its board declared an interim dividend of Rs 80 per share for the Financial Year 2020-21.

Based on the ruling market price, the dividend yield works out to 7.88%.

The company has fixed 15 December 2020 as the record date for determining the entitlement of the shareholder for the interim dividend.

Shares of Goodyear India have gained 21.64% in four trading days. On the technical front, the stock's RSI (relative strength index) stood at 76.099 on BSE. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day and 100-day moving average (DMA) placed at 819.36 and 876.74 respectively. These levels will act as crucial support zones in near term.

Goodyear India is engaged in the manufacturing and trading of tires, tubes and flaps. The tyre maker posted a 28.5% rise in standalone net profit to Rs 48.56 crore in Q2 September 2020 from Rs 37.79 crore reported in Q2 September 2019. Revenue from operations stood at Rs 481.1 crore in Q2 September 2020, rising 6% from Rs 454 crore in Q2 September 2019.

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