Rs 3/Share Dividend: Record Date Is March 15; Buy To Be Eligible For 150% Payout?

As of Friday's BSE closing session, IIFL Securities Ltd., a small-cap financial services company, has a market valuation of Rs 4,695.57 Cr. One of the top online trading platforms for stock market investments is IIFL Securities. In addition, it is one of the top investment advisory firms in the nation, having spent the previous 20 years offering a wide range of financial products and services. By using a network of over 2,500 points of presence that spans its branches and business partners across 500 locations in India, it had serviced over 3 million clients as of March 1, 2023.

IIFL Securities Dividend

"This is to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulation"), the Board of Directors of the Company at their meeting held today i.e. March 01, 2024 has inter-alia approved and 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 regulatory filing.

IIFL Securities Financials

Its total income was Rs 582.3 Cr for the quarter that ended on December 31, 2023, up 68% YoY, and Rs 1,526.9 Cr for the nine months, up 58% YoY. At Rs 150.4 Cr in Q3FY24, up 134% YoY, and Rs 331.7 Cr for the nine months ending December 31, 2023, up 105% YoY, the company's total comprehensive income was reported. There were Rs 1,81,582 Cr in assets under management and custody. During the quarter, IIFL Securities conducted unmatched research coverage on over 264 companies and maintained over 2,500 points of presence across India.

IIFL Securities Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said IIFL is currently trading at Rs 622, forming a triple bottom on the daily chart. There is a strong bounce from the support level, accompanied by a bullish engulfing pattern and significant trading volume, suggesting potential upward movement. Anticipated price targets are set at Rs 720, with substantial support observed near Rs 560 on the downside.

Additionally, IIFL is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This indicates robust bullish momentum, implying the likelihood of sustained upward price action. The Relative Strength Index (RSI) is at 56.4, signifying an upward trajectory and confirming an increase in buying momentum.

To manage risk effectively, it is recommended to set a stop-loss (SL) at Rs 570 to protect the investment in the event of an unexpected market reversal. A prudent strategy involves considering buying opportunities on market dips at levels around Rs 590.

In summary, based on technical analysis and prevailing market conditions, IIFL appears to present a promising buying opportunity for those targeting a Rs 720 price objective. This recommendation is 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.