IIFL Wealth capitalises on special dividend bounty

IIFL Wealth Management rose 2.54% to Rs 1,145.90 after the board declared a one-time special interim dividend of Rs 40 per equity share of the face value of Rs 2 each.

The board of directors of IIFL Wealth Management at its meeting held on Wednesday (19 August) declared a one-time special interim dividend of Rs 40 per equity share of the face value of Rs 2 each. The record date for the purpose is 27 August 2020. The dividend shall be paid to the shareholders on or after 28 August 2020.

Based on the ruling market price, the dividend yield works out to 3.49%.

On the technical front, the stock's RSI (relative strength index) stood at 69.137 on National Stock Exchange (NSE). The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 1,009.70 and its 200-day moving average (DMA) placed at 1,114.39.

IIFL Wealth is a private wealth management firm in India. It serves the needs of high net worth and ultra-high net worth individuals, affluent families, family offices and institutional clients through a comprehensive range of tailored wealth management solutions.

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