Motilal Oswal surges 19%, hits all-time high as shares trade ex bonus

The Board of Directors, on May 9, had fixed the Record Date as Monday, June 10, 2024, for the purpose of the Bonus Issue

Motilal Oswal Financial Services (MOSL) saw its shares soar by as much as 20 per cent on Monday, reaching an all-time high of Rs 719.95 per share on the BSE in the intraday deals.

The stock was trading ex-bonus during Monday's session after the Board fixed June 10, 2024, as the record date to determine the shareholders eligible to receive bonus shares. 

"The Finance Committee of the Board of Directors of the company has fixed the Record Date as Monday, June 10, 2024, for the purpose of the Bonus Issue," The company said in an exchange filing on May 9.
 

Last month, Motilal Oswal Financial Services announced a 3:1 bonus issue, marking its first-ever issuance of bonus shares to shareholders. This meant that for every one share held as of the record date, shareholders received three free shares.

The domestic brokerage firm reported a whooping 334 per cent year-on-year (Y-o-Y) jump in its consolidated net profit at Rs 724.6 crore for the March quarter of fiscal year 2023-24. 
 

The same was Rs 167 crore in the year-ago period. Motilal's revenue from operations rose 108 per cent Y-o-Y to Rs 2,141.3 crore, compared to Rs 1,027.4 crore.

The shares of MOSL have tanked 45.68 per cent in the last six months, and are down 48.45 per cent year to date. 

At 01:56 PM, the stock of the company was up 7.03 per cent at Rs 649 a piece on the BSE. By comparison the BSE Sensex index was up 0.20 per cent.

MOSL is presently trading at a price to earnings valuation of 24.25 times, with earning per share of Rs 100.02, shows BSE data. MOSL is an Indian financial services company offering a range of financial products and services.