Motilal Oswal jumps as board mulls buyback

The announcement was made after market hours on Tuesday, 23 April 2013.

Meanwhile, the BSE Sensex was up 243.33 points, or 1.27%, to 19,422.69.

On BSE, 18,488 shares were traded in the counter as against an average daily volume of 14,503 shares in the past one quarter.

The stock hit a high of Rs 93.90 and a low of Rs 84 so far during the day. The stock had hit a 52-week high of Rs 137.80 on 5 October 2012. The stock had hit a 52-week low of Rs 73.50 on 28 March 2013.

The stock had outperformed the market over the past one month till 23 April 2013, rising 3.50% compared with the Sensex's 2.37% rise. The scrip had, however, underperformed the market in past one quarter, sliding 24.08% as against Sensex's 4.23% fall.

The small-cap company has an equity capital of Rs 14.52 crore. Face value per share is Re 1.

Motilal Oswal Financial Services said its board will meet on 27 April 2013, to consider a proposal to buyback the fully-paid up equity shares of the company, subject to approval of shareholders.

On a consolidated basis, Motilal Oswal Financial Services' net profit rose 12.3% to Rs 29.22 crore on 20.6% increase in total income to Rs 133.67 crore in Q3 December 2012 over Q3 December 2011. The company's board will meet on 27 April 2013, to consider the audited financial results of the company for the year ended 31 March 2013.

Motilal Oswal Financial Services is a well-diversified, financial services company. Its services and product offerings include wealth management, retail broking and distribution, institutional broking, asset management, investment banking, private equity, commodity broking and principal strategies. The company distributes these products through 1,482 business locations spread across 526 cities andthe online channel to over 756,159 registered customers.

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