Small-cap IT service provider shares rose 20% to a 52-week high after the company board approved an interim dividend of Rs 15 per share for fiscal year 2023-24.
Xchanging Solutions Ltd shares closed today at Rs 107.75, up around 16.87 percent from the previous close of Rs 92. It has a market capitalization of Rs 1,200 crores.
As per exchange filings, the Xchanging Solutions board of directors approved an interim dividend of Rs. 15/- or 150 percent on shares with a face value of Rs 10 apiece for the fiscal year 2023-24.The company’s board directors selected July 28, 2023 as the record date for the interim dividend.
The stock has risen 60 percent in the previous month, rising from Rs 66.25 to present levels, and has gained 78 percent in the last year.
Xchanging Solutions Limited is primarily engaged in business outsourcing and allied information technology services.The company has diverse clients ranging from aerospace to hospitality.
According to the company’s financial statements, operating revenue increased by 10 percent to Rs 45 crore in the Q4 compared to the previous quarter. Similarly, net profit climbed by 83 percent to Rs 11 crore.
The promoters held 75 percent stake of the company in fiscal year 22-23, while retail institutional investors owned 24.61 percent stake.
Written by Omkar Chitnis
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
