Equitas Small Finance Bank Sets Record Date for Dividend and Receives Buy Rating with Target Price of Rs 100

Rajesh
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Equitas Small Finance Bank has announced July 28, 2023 as the record date for dividend distribution, as per the recent filing with the Bombay Stock Exchange (BSE). The last trading price of Equitas Small Finance shares on the BSE stands at Rs 87.22 per share, reflecting a 0.80% intraday decline. Impressively, the stock has provided a year-to-date return of 46% and a one-year return of 126%. Let's delve into the details below:

Equitas Small Finance Bank Sets Record Date for Dividend and Receives Buy Rating with Target Price of Rs 100

Equitas Small Finance Bank Sets Record Date for Dividend:

In compliance with Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Equitas Small Finance has designated Friday, July 28, 2023, as the book closure and record date for the payment of dividends.

Earlier, the Bank's Board of Directors recommended a dividend of Re.1.00/- (One Rupee Only) per equity share of Rs.10/- each (10%) for the financial year ending March 31, 2023, subject to approval at the upcoming Annual General Meeting (AGM) of the Bank.

Equitas Small Finance Stock Performance & Return:

The current trading price of Equitas Small Finance shares is Rs 87.22 per share. Its 52-week high and low prices are recorded at Rs 90.10 and Rs 37.50 per share, respectively. The market capitalization of the stock amounts to Rs 9,694.91 crore. Over the past six months, the stock has yielded a return of 47%, while over a two-year period, it has generated a 45% gain.

Valuation:

According to a report by ICICI Securities dated May 9, 2023, the stock of Equitas Small Finance is recommended as a "BUY" with a revised target price of Rs 100 (previously Rs 70). The report states that the stock is now valued at 1.75x Sep'24 PE/BV, as opposed to Sep'23. 

About Equitas Small Finance:

Equitas Small Finance Bank Limited is a Small Finance Bank (SFB) authorized by the Reserve Bank of India under Section 22 of the Banking Regulation Act, 1949, to engage in the operations of a Small Finance Bank. The Bank commenced its SFB operations on September 5, 2016. Notably, it is the first Private Sector Bank from Tamil Nadu to commence operations post-Indian Independence, as mentioned on its official website.

Disclaimer:

The information provided above is derived from the brokerage report of ICICI Securities. Greynium Information Technologies, the author, and the respective brokerage house hold no responsibility for any losses incurred as a result of decisions based on this article. Goodreturns.in strongly advises users to consult certified experts before making any investment decisions.

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