BackKPIT Technologies share surges after dividend announcement. Should you buy?
KPIT Technologies share price: The company has reported strong Q3FY22 numbers as it has registered 70 per cent year-on-year jump in its consolidated net profit in Q3FY22
PremiumStock market today: KPIT Technologies shares have given sharp upside move as the stock been once up by near 5 per cent in early morning deals. KPIT Technologies share price today opened with an upside gap of near ₹14 apiece and went on to hit intraday high of ₹653 per share levels. According to stock market experts, KPIT Technologies Ltd has reported strong earning in Q3, which has brought attention of the buyers. The company has announced interim dividend of ₹1.25 per share for FY2021-22 as well.
Speaking on the reason for rise in KPIT share price rally; Ravi Singhal, Vice Chairman at GCL Securities said, "The company has reported strong Q3FY22 numbers as it has registered 70 per cent year-on-year jump in its consolidated net profit in Q3FY22. Outlook for the stock looks positive in both short and medium term. One can add this stock in one's portfolio with such time horizon."
Expecting further rise in KPIT share price; Rohit Singre, AVP at Bonanza Portfolio said, "The stock is under retracement after surging around 5 per cent today. But, it has strong support at ₹600 levels and those who have this stock in their portfolio should hold the stock further maintaining trailing stop loss at ₹600 per share levels. Those who want to buy can make fresh entry in this stock at current levels maintaining stop loss at ₹600 levels. The stock may give another breakout at ₹670 levels and can go up to ₹800 per share levels in short term."
After reporting strong Q3 earning, KPIT Technologies has announced interim dividend for its shareholders as well.
In its exchange communication available on the BSE website, KPIT Technologies announced, "We wish to inform you that the Board of Directors of the Company, at its meeting held through video conferencing concluded today, inter alia.... has approved interim dividend of ₹1.25 per equity share (i.e. 12.50%) of face value of Rs. 10/ each, for the financial year 2021-22, to be paid to the members of the Company within stipulated time from the declaration by the Board, as per the provisions of Companies Act, 2013, and the Rules made there under."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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