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Dividend paying stock: Ahead of record date for interim dividend payment, VIP Industries share price today has given sharp upside movement. Just one day ahead of record date, VIP Industries shares today opened with an upside gap of ₹7.50 per share and went on to ascend to its intraday high of ₹625 levels, logging around 6 per cent rise in Tuesday trade session. According to stock market experts, VIP Industries shares are looking positive on chart pattern and it may go up to ₹670 apiece levels in near term.
Advising positional investors to add VIP Industries shares in their stock portfolio; Mudit Goel, Senior Research Analyst at SMC Global Securities said, "VIP Industries share has formed triangle pattern in daily chart, which means the stock is poised for an upside movement in near term. One can buy this stock at current market price for near term target of ₹670 apiece levels maintaining stop loss at ₹570 levels."
Suggesting VIP Industries shareholders to hold the counter for medium to long term; Rohit Singre, AVP at Bonanza Portfolio said, "VIP Industries shares have very strong support at ₹580 levels and till it is above these levels, we can expect the stock to remain positive on chart pattern. Currently, it is expected to scale to its life-time high of ₹696 apiece levels on NSE. However, once it gives breakout above ₹700 with trade volume above its last 20 days average volume, then we can expect this stock to go up to ₹850 levels in medium to long-term."
In its latest exchange communication VIP Industries management informed about the dividend payment decision citing, "In continuation to our letter dated 17th February, 2022, we wish to inform you that the Board of Directors at its meeting held today i.e. 1st March, 2022 has declared an Interim Dividend of ₹2.50/- (Rupees Two and Fifty Paise) per equity share of face value of ₹2/- each for the Financial Year 2021-22. The Interim Dividend for the Financial Year 2021-22 shall be paid on or after 15th March, 2022. Pursuant to Regulation 42 of the SEBI (LODR) Regulations, 2015, the Board has fixed Wednesday, 9th March, 2022 as the "record date" for the purpose of ascertaining the eligibility of shareholders for payment of Interim Dividend."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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