FIIs Stake Jump 19.11% In Q3: Large Cap Stock Okays Rs 12.70/Share Interim Dividend; Buy?

Angel One's shares saw a rise of 5.04% from the previous close on Wednesday when they began on the BSE at Rs 3375.05 apiece and surged to an intraday high of Rs 3496.20 during the session. Following the unveiling of the Q3 results and a 127% dividend, the stockbroking company is in the news.

Angel One Dividend

"The Board has declared 3rd Interim Dividend for the Financial Year 2023-24 at the rate of Rs, 12.70/-per share on equity shares having face value of Rs. 10 per share, as on the Record date. Further, as already intimated, the Record Date for determining eligibility of shareholders for payment of the said Interim Dividend, as declared by the Board of Directors shall be Tuesday, January 23, 2024. The dividend shall be paid on or before February 14, 2024 to those members, whose names appear on the Register of Members or in records of Depositories as beneficial owners of the shares as on the closure of business hours of Tuesday, January 23, 2024, which is the Record Date fixed for the purpose," said Angel One in a regulatory filing.

Angel One Financials

According to an exchange filing, Angel One's consolidated profit for the third quarter ended December 31 was Rs 260. 3 crore, up 14..2% YoY from Rs 228 crore during the same period last year. Angel One's total revenue increased to Rs 1,059 crore, up 41.5% from the Rs 748.6 crore the company reported in the same quarter last year. According to the firm, its EBITDA jumped from Rs 324.30 Cr in Q3FY23 to Rs 397.9 Cr in Q3FY24, a 22.7% YoY growth. The company announced that 2.5 million new customers were added in a quarter, representing a 16.2% quarterly rise. Its clientele amounted to around 19.5 million, representing a 14.0% quarterly increase. According to the corporation, its Average Daily Turnover (ADTO) increased by 21.4% on a quarterly basis to Rs 36.0 trillion in Q3 24 from Rs 29.6 trillion in Q2 24.

Angel One Shareholding Pattern

During Q3FY24, the company recorded promoters' shareholding of 38.23%, FIIs stake of 19.11%, DIIs stake of 9.32%, and public stake of 33.33% compared to 34.52% public stake, 10.41% DIIs stake, 16.82% stake by FIIs and 38.26% stake by promoters in Q2FY24.

Angel One Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said ANGELONE is currently trading at Rs 3320. After reaching an all-time high of Rs 3895, profit booking from the higher side has been observed. The price is currently holding the Rs 3200 level, which serves as immediate support. If the price closes above the Rs 3600 level, it suggests the possibility of further upward movement, with a potential target of around Rs 4200. On the downside, substantial support is identified near Rs 3120.

A prudent strategy involves considering buying opportunities on market dips at levels around Rs 3140. Immediate support is found near Rs 3120 and Rs 3000, while on the flip side, Rs 3600 and Rs 3800 act as resistance levels.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 3120 to protect the investment in case of an unexpected market reversal. In summary, considering the technical analysis and prevailing market conditions, ANGELONE appears to present a promising buying opportunity for those targeting a Rs 4200 price objective, contingent upon the implementation of prudent risk management measures.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.