Motilal Oswal stock surges over 19% to reach all-time high; what's driving the rally?
Motilal Oswal Financial Services (MOFSL) soared 18.7 per cent on Monday on the BSE, hitting a new all-time high of ₹719.95 as the stock began trading ex-bonus from Monday’s session.In May, the financial services company announced a bonus share issue for its shareholders who are eligible in a 1:3 ratio. This means that the shareholders are entitled to receive three bonus or free shares for every share.With Monday's surge, the stock is now up 113 per cent for 2024, marking its best calendar year performance since 2017, when it nearly tripled with gains of 186 per cent.
In 2023, the stock had also performed well, achieving an 81 per cent increase.Also read: Tata Steel: Up 64% in last 1 year, this auto stock is Axis Securities' ‘pick of the week’ – 4 key reasons whyAccording to Trendlyne data, the stock is performing strongly, significantly exceeding all its exponential moving averages, and has a mid-range RSI level of 58.The company reported a record profit after tax of ₹2,626 crore in its fourth quarter results and an RoE of 35 per cent for FY24. The consolidated revenue for Q4 FY24 was ₹1,569 crore, a 60 per cent increase year-over-year.MOFSL achieved its highest-ever quarterly and yearly capital market business PAT, with ₹251 crore for the quarter, a 68 per cent increase year-over-year, and ₹803 crore for the year, a 47 per cent increase year-over-year.Motilal Oswal declared a dividend of ₹14 per share.
Over the past five years, the company has distributed dividends totaling ₹56 per share to its shareholders.Also read: Marico shares gained 10% in June, up over 31% in less than 3 months. Good time to buy?Out of the four analysts covering the company, three have a "buy" rating on the stock, while the remaining one has a
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