Shares of Angel One surged around 5% on Wednesday as the company announced the fourth interim dividend for the current financial year.

What Happened: The company on Wednesday informed that its board of directors has approved a ₹9.6/shares interim dividend for FY23. The record date for the dividend payout is March 31. The dividend will be paid out by April 20.

The brokerage firm has declared dividends of around ₹35.80 in the current financial year. The shares of the company were upbeat in anticipation of the announcement on Wednesday.

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Domestic brokerages remain strongly bullish on the stock. HDFC Securities has a buy rating for the stock with a price target of ₹1,800 – around 58% upside from the stock’s closing price of ₹1,137 on Wednesday. ICICI Securities also has a ‘buy’ rating for the stock, but the analysts did cut the stock’s target price after the company’s CEO Narayan Gangadhar tendered his resignation. Terming the resignations as ‘negative surprise’ the firm slashed the price target to ₹1,420 from 1,980.

Price Action- Angel One share jumped 4.25% on Wednesday to close at ₹1,137.

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