Motilal stock surges 5% on announcement to consider bonus share proposal

economictimes.indiatimes.com:

Motilal Oswal surged 5% to day’s high at Rs 2,185 on Friday after it announced a proposal to consider allotment of bonus shares to its shareholders in an intimation filing to the exchanges.

The stock broker informed the exchanges that the meeting of the board of directors will be held on Friday, April 26, 2024, wherein the company will approve the audited financial results (Standalone & Consolidated) for the quarter ended March 2024 along with a consideration to present a proposal for declaration on bonus shares to the shareholders.

In a recent research report by Emkay Global, the stock was viewed positively and the research firm had reiterated the same with a retained ‘buy’ opinion for MOFSL. They had revised the price target to Rs 2,200 from an earlier Rs 2,000.

MOFSL had reported a 24% consolidated PAT growth for the quarter ended December 2023 while the income growth was recorded Rs 1,791 crore, which was up by 8.5% YoY.

In the past five years, the company has gained 193%, while in the last three years, the stock has gone up by 266%. In the last month, it has yielded a return of 43% to the investors. The company had also carried out a share buyback in 2022 where it repurchased shares worth Rs 160 crore between June and July 2022 via the tender offer route.

The stock is positively viewed by the analysts as it is a ‘strong buy’ in their opinion, Trendlyne data suggests.

Also read: 5 smallcap stocks nearing ‘buy’ point. Do you own any?

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