- Central Depository Services’ share price surged over 5% on Monday, reaching a 52-week high following the company’s robust Q4FY24 results.
- The leading depository reported a net profit of ₹129 crore for the quarter ended March, doubling its profit from the same quarter last year.
- The total income increased by 86% from ₹144 crore in the same period last year to ₹267 crore in the March quarter of 2023–24.
Central Depository Services (CDSL) sees a surge in share price following impressive Q4FY24 results, with a net profit doubling from the same quarter last year.
Impressive Q4FY24 Results Drive Share Price Surge
Central Depository Services (India) Ltd (CDSL) reported a net profit of ₹129 crore for the quarter ended March, a significant increase from the ₹63 crore net profit reported during the same quarter last year. This robust performance has driven a surge in the company’s share price, which opened at ₹2,185 apiece on NSE, reaching an intraday high of ₹2,199.90.
Positive Outlook for CDSL
According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, the stock has been in a strong uptrend, with post-result prices seeing a strong gap-up opening. The bias remains positive, and in the near term, we may see an extended upmove. Any dip can be considered a buying opportunity, with 2,050–2,080 as support and 2,250 as resistance.
Final Dividend and Brokerage Recommendations
The board has recommended a final dividend of ₹19 per equity share for FY24, subject to shareholder approval. Brokerage Nuvama Institutional Equities has raised its target price to ₹2,270 from ₹2,090, maintaining a ‘hold’ rating for the stock.
Conclusion
With robust Q4FY24 results and a positive outlook, Central Depository Services (CDSL) is on a strong uptrend. The company’s performance has driven a surge in its share price, with further growth expected in the near term. Investors are advised to consult with certified experts before making any investment decisions.
