Rs 17/Share Dividend: Record Date On April 26; Buy The ICICI Group Stock To Be Eligible?

As of Friday's closing session, ICICI Securities Ltd., a large-cap company in the financial services industry, has a market capitalization of Rs 22,977.73 Cr. The organisation was founded in 1995 and provides a wide range of services, including trading, investing, mutual fund investments, insurance, borrowings, and issuer and advisory services. The firm released its quarterly financial results for the quarter that ended on March 31, 2024, along with a dividend payment of Rs 17 per share. As a consequence, the stock closed today at Rs 710.60, up 1.05%.

ICICI Securities Dividend

The Board of Directors approved "Payment of second interim dividend of Rs 17 (Rupees Seventeen only) per equity share of face value of Rs 5/- each to the shareholders of the Company whose name shall appear in the Company's Register of Members as at the close of business hours on the record date i.e. April 26, 2024 as well as to those beneficial holders as registered in the records of Depositories as at the close of business hours on the record date. Please note that the interim dividend will be paid to the Shareholders on or before May 18, 2024," said ICICI Securities in a regulatory filing.

ICICI Securities Q4 Results

For the quarter ending March 31, 2024, ICICI Securities recorded a consolidated net profit of Rs 536.53 crore, up 104% from the Rs 262.68 crore reported in the comparable period of the previous financial year. For the reporting quarter, the total consolidated revenue from operations was Rs 1,543.17 crore, up 74.44% from 884.78 crore in Q4FY2023.

In the fourth quarter of FY24, ICICI Securities' EBIDTA climbed by 96.8% to Rs 1,079 crore from Rs 548 crore in the year-ago quarter. Interest income climbed by 82.1%, from Rs 2,871.2 million in Q4-FY2023 to Rs 5,229.4 million in Q4-FY2024. Between Q4-FY2023 and Q4-FY2024, operating expenses grew from Rs 491.3 million to Rs 587.2 million. Between March 31, 2023 and March 31, 2024, total assets grew by 64.6%, from Rs 1,55,688.0 million to Rs 2,56,226.6 million.

ICICI Securities Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said ISEC, currently trading at 710 levels, has experienced a corrective phase from its recent peak at 850, forming a double top pattern on monthly charts. This pattern often indicates a reversal in trend, suggesting a shift from bullish to bearish sentiment. However, the stock has found substantial support in the range of 700-695, coinciding with its 200-day Exponential Moving Average (EMA), indicating a potential area of price stability and investor interest.

Despite the overarching support, the stock exhibits short-term weakness as evidenced by the formation of lower highs and lower lows over the past four days on daily charts. This downward price action suggests ongoing selling pressure and a lack of bullish momentum.

On the upside, ISEC faces multiple resistance levels around 730-740 levels, posing hurdles for any significant upward movement. A decisive breach above this resistance zone could signal a trend reversal and pave the way for potential bullish momentum.

Investors are advised to exercise caution and consider buying only if the stock surpasses the resistance at 740 levels. A stop-loss order at 700 can help manage risk, while potential targets lie around the 800 level.

In summary, while ISEC's long-term support and potential reversal signals warrant attention, investors should closely monitor price action and wait for confirmation of a bullish breakout before initiating new positions.

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.