This small-cap dividend-paying company soared over 36 per cent in just 4 days! Do you own it?

Back in May, the board had recommended a 10 per cent dividend for shareholders payable for the financial year 2021-22.

The stock of Salasar Techno Engineering Ltd (CMP at Rs 33) zoomed over 10 per cent during today’s early trade and is undergoing extreme bullishness.  

The company’s board of directors has approved the fundraising programme of over Rs 200 crore by various means. Back in May, the board had recommended a 10 per cent dividend for shareholders payable for the financial year 2021-22. The company's board had also recommended a stock spilt of 10:1 with a face value of Rs 10 per equity share to Re 1 per equity share with the record date being June 28, 2022. 

With this, the shares of this company have zoomed over 36 per cent in just four trading sessions and crossed Rs 30 level. The technical parameters turned extremely bullish with 14-period daily RSI crossing the 79-mark. The trend indicator ADX (31.31) is pointing northwards and demonstrates a strong uptrend of the stock. The MACD histogram is rising exponentially, indicating more upside. The stock has crossed above its prior swing high with a huge volume. Interestingly, the volume has risen for the third consecutive day, showing increasing buying interest. 

Considering its strong price structure along with bullish technical parameters, the stock is expected to test the level of Rs 37.50 in the times to come, followed by Rs 40. However, considering the volatility of the stock, a fall below Rs 29 can be met with weakness.