With High FIIs Stake of 61% & Dividend Yield of 6.47% This Finance Stock Declares Rs 4 Dividend For FY24: Buy?

360 One Wam Ltd (Formerly known as IIFL Wealth Management Limited) has declared its Q2FY24 results along with an interim dividend for FY24. Market watchers will be paying close attention to this stock because it has a 61% position held by FIIs and the company has announced solid quarterly earnings.

360 One Wam Dividend

The Board of Directors has declared "Third interim dividend for the financial year 2023-24 of Rs. 4/- (Rupees four only) per equity share of face value of Re. 1/- (Rupee one only) each and has fixed the record date as Friday, November 10, 2023, for this purpose. The said interim dividend will be paid / dispatched on or before Friday, December 1, 2023, subject to applicable taxes," said 360 One Wam in a stock exchange filing.

A 3450.00% equity dividend, or Rs 34.5 per share, at face value of Rs 1 has been declared by 360 ONE WAM for the year ended March 2023. This translates into a dividend yield of 6.47% at the current share price of Rs 531.00. The business has a strong dividend history and has paid out dividends on a regular basis over the previous five years. Trendlyne data shows that since October 31, 2019, 360 One Wam Ltd. has issued 13 dividends.

360 One Wam Q2 Results

The company recorded a revenue from operations of Rs 427 Cr in Q2FY24 compared to Rs 382 Cr reported in the year-ago quarter, representing a growth of 11.8% YoY. Its net expenses stood at Rs 214 Cr during the quarter under review up by 19.5% YoY from Rs 179 Cr in Q2FY23. 360 One Wam said its net profit was Rs 185 Cr during the quarter under review up by 7.3% YoY from Rs 173 Cr reported in the year-ago quarter.

360 One Wam Share Price Target

Deven Mehata-Equity Research Analyst at Choice Broking said, "The technical analysis of 360ONE's stock suggests that it is currently trading at 534 levels, and there are several key indicators to consider. First, the stock is trading above all the important exponential moving averages (EMA), which typically indicates strength and a bullish trend. The Relative Strength Index (RSI) is at 53 levels, suggesting moderate momentum. One notable aspect is the strong support zone in the range of 505-515 levels, and the stock has recently bounced from this support, which is considered a positive signal for investors. However, there's a small resistance level at 550."

"The analysis concludes that if the stock manages to surpass this resistance level, it could potentially move higher, targeting the all-time high levels of 570 and beyond. It's recommended for investors holding the stock to use a trailing stop loss strategy to protect their gains. In summary, the technical analysis paints a picture of strength and potential upward movement, but investors should remain vigilant and monitor the stock's performance closely," said the analyst.

360 One Wam Shareholding Pattern

During Q2FY24, the company reported promoters' shareholding of 20.84%, FIIs stake of 61.87%, DIIs stake of 6.36% and public stake of 10.92%.

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.