150% Dividend: Record Date In 5 Days; Buy Small-Cap Stock To Be Eligible?

In the financial services industry, IIFL Securities Ltd. is a small-cap company. As of Thursday's closing session, its market valuation was Rs 4,081.70 Cr. One of the top online trading platforms for stock market investments is IIFL Securities. It is among India's largest independent full-service brokerage houses for both institutions and retail clients. It is also one of the top investment advisory firms in the nation, offering a wide range of financial services and products to high-net-worth individuals, corporations, institutional investors, foreign portfolio investors, mutual funds, insurance companies, and trusts. The stock closed the last trading session 5.07% higher at Rs 132.65 a share on March 7, 2024, ahead of this week's record date for dividend payments, which is March 15, 2024, in order to be eligible for a 150% interim dividend.

IIFL Securities Dividend

"This is to inform you that pursuant to Regulation 30 read with Schedule III Part A Para A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), the Board of Directors of the Company at their meeting held today i.e. March 01, 2024, has declared an interim dividend of Rs. 3/- per equity share of the face value of Rs. 2/- each (i.e. 150%) for the financial year 2023-2024. The record date for the said purpose is March 15, 2024, which has been already intimated to the Stock Exchange(s) vide letter dated February 27, 2024," said IIFL Securities in a stock exchange filing on March 1, 2024.

IIFL Securities Financials

In the December 2023 quarter, the firm had net sales of Rs 481.08 crore, which represents a 52.96% rise from Rs 314.52 crore in the same quarter of 2022. Its net profit jumped by 124.15% from Rs. 65.92 crore in Q3FY23 to Rs. 147.77 crore in Q3FY24. In the reporting quarter, EBITDA climbed by 116.07% to Rs. 249.41 crore from Rs. 115.43 crore during the same period in the previous fiscal year.

IIFL Securities Share Price Target

IIFL Securities is sideways to bearish with strong resistance at 147 on the Daily charts. A daily close above this resistance could lead to a target of 180 in the near term. Support will be at 118, said AR Ramachandran from Tips2trades.

Disclaimer

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