220 per cent interim dividend announced- Don't miss out on the action in this stock!
In fact, the volume of shares traded on NSE exceeded 17 lakh, making it one of the highest single-day volumes since November 2022.
Muthoot Finance, the popular NBFC based in Southern India, has been making waves in the stock market lately. With a focus on providing gold loans, this company has caught the attention of investors.
On Thursday, the stock of Muthoot Finance opened at levels of Rs 994.45 and marked a day's low of Rs 978.50. However, the stock was able to recover and settle with gains of 3 per cent, which is a promising sign for investors. In fact, the volume of shares traded on NSE exceeded 17 lakh, making it one of the highest single-day volumes since November 2022.
However, the real exciting news came from the Board of Directors of Muthoot Finance, who announced an interim dividend of Rs 22 per equity share (220 per cent). This announcement was made during the board meeting held on April 06, 2023. This is excellent news for investors, as it indicates that the company is doing well and is able to share its profits with its shareholders. The record date for this dividend is April 18, 2023, so investors who own the stock on or before this date will be eligible to receive the dividend.
The stock of Muthoot Finance has seen an impressive jump of over 10 per cent from its lows in March 2023 and it is currently trading above its 20-day moving average (20-DMA). This is an encouraging sign for investors, as it suggests that the stock is in an upward trend. Furthermore, the 20-DMA itself is in a rising trajectory, which is a strong technical indicator that the stock may continue to rise.
The 14-period Relative Strength Index (RSI) on the daily time frame is also in bullish territory and has marked a fresh three months high. This is a significant indicator for investors, as it suggests that the stock may have room to rise further. All in all, Muthoot Finance is definitely a stock to watch out for in the coming days and weeks.