IT Stock Alert: Rs 4 Standard & Rs 2 Special Dividend Declared; Buy To Be Eligible On The Record Date?

A provider of information technology (IT) services, Xchanging Solutions Limited is headquartered in India. The market value of the firm is higher than Rs 1,325 Cr. The IT stock wrapped up 3.13% lower at Rs 119 each during the last trading session. The stock touched a 52-week-high level of Rs 176.90 on (20/02/2024) and a 52-week-low level of Rs 59.40 on (30/05/2023).

Xchanging Solutions Dividend

The Board of Directors considered and approved "Recommendation of final dividend of INR 4/- per equity share (including special dividend of INR 2 per equity share) @ 40% on the face value of INR 10/- each for the financial year ended March 31, 2024 subject to approval of the Shareholders at the ensuing Annual General Meeting ("AGM") of the Company. The dividend, if declared by the members, shall be credited / dispatched within 30 days from the date of AGM. The Record date for the purpose of payment of final dividend (including special dividend) shall be Friday, June 14, 2024," said the company in a regulatory filing.

Xchanging Solutions Financials

The company's revenue from operations on a stand-alone basis climbed by 20.29% to Rs. 10.67 crore in the March 2024 quarter from Rs. 8.87 crore in the same quarter of 2023. Its net profit climbed by 153.99% from Rs. 2.76 crore in Q4FY23 to Rs. 7.01 crore in Q4FY24. EBITDA went up by 108.93% to Rs. 9.59 crore during the quarter under review from Rs. 4.59 crore during the same quarter last year.

Xchanging Solutions Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said, "XCHANGING is currently trading at 119 levels, exhibiting a sideways trading pattern within the range of 112-128 levels. This range-bound movement suggests a strong support level at 112, which is also close to its long-term (200 Day) EMA, highlighting its significance. Currently, the stock is trading below its short-term (20 Day) and medium-term (50 Day) EMA levels, indicating a lack of immediate bullish momentum. Short-term traders and investors are advised to avoid the stock at the current market price (CMP) of 119, as the stock needs to demonstrate more strength."

"For the stock to exhibit an upward movement, it needs to surpass the resistance level of 128. If this resistance is breached, the stock could potentially move up towards the target of 136 levels, indicating a positive trend. Investors holding the stock should maintain a strict stop loss at 112 levels to protect against downside risks. If the stock breaks the crucial support at 112, it may witness further correction, potentially dropping to 103 levels. Therefore, it's essential for investors to closely monitor these key levels to make informed decisions about holding or exiting their positions," Deven Mehata added.

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.