7Tec share price jumps ahead of dividend record date. Do you own?
Premium- Dividend paying stock: Today is Ex-date for second interim dividend record date of the IT service company
Stock market today: Dividend paying stock 7Tech share price has shot up around 3.50 per cent in early morning deals. Saven Technologies share price today opened with an upside gap of ₹0.40 per share and went on ascend to its intraday high of ₹47 per share levels, logging around 3.50 per cent rise in early morning session. According to stock market experts, Saven Technologies shares are rising today as the company has announced second interim dividend of Re 1 per share and its record date is on tomorrow i.e. 11th March 2021.
Speaking on the reason for rise in 7Tec share price rise today; Avinash Gorakshkar, Head of Research at Profitmart securities said, "Today is Ex-date for second interim dividend record date of the IT service company. The market sentiment is positive as well. As there has been little movement in this low liquid stock, some buying pressure is visible in this counter."
On what chart pattern suggests in regard to this IT stock; Sumeet Bagadia, Executive Director at Choice Broking said, "Stock is range-bound in ₹35 to ₹60 range and once should avoid taking any fresh position in the counter. It is mainly due to the short-term sentiment which is fueling the stock. Those who have this stock in their portfolio are advised to hold the counter maintaining stop loss at ₹35 and wait for fresh rally in the counter."
In its exchange communication dated 1st March 2022, 7Tec management informed about the second interim dividend to Indian exchange citing, "Pursuant to Regulation 30, 42, 43 and other applicable provisions of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015; 1. The Board of Directors of the Company declared a second interim dividend of Re.1/- (Rupee One Only) per equity share (representing 100%) on the equity share of Re.1/- each fully paid up, for the financial year 2021-22. 2. The Second Interim Dividend will be paid on or before 30.03.2022. 3. The Record date for determining the eligibility of shareholders entitled to receive the second interim dividend, is fixed as on 11th March, 2022."
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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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