Motilal Oswal Financial Services shares surge 19% as stock trades ex-bonus

Shares of stock broking firm Motilal Oswal Financial Services Ltd surged as much as 19% after the stock started trading ex-bonus on Monday, June 10.

Motilal Oswal Financial Services had in April announced a 3:1 bonus issue, which meant that shareholders of the company would get three equity shares of face value of ₹1 each for every 1 existing equity share held. The record date was fixed as Monday, June 10.

This was the first time Motilal Oswal Financial Services had announced a bonus issue for its shareholders.

On Monday, Motilal Oswal Financial Services shares opened the session at ₹655.05 compared with its previous close of ₹606.65 (ex-bonus price) and jumped as much as 19% to hit the day’s high of ₹722. Notably, the stock price has doubled in just the past one month.

Year-to-date for 2024, the Motilal Oswal Financial Services stock is up over 135%. The share price has gained nearly 237% in the past one year.

In the last quarter ended March 2024, Motilal Oswal Financial Services had reported over four-fold increase in net profit to ₹725 crore compared with ₹165 crore seen in the year-ago period. The company’s revenue had also more than doubled to ₹2,158 crore in Q4 FY24 compared to ₹1,034 crore in Q4FY23.

Previously, in February, Motilal Oswal Financial Services had also announced a dividend of ₹14 per share.

Motilal Oswal Financial Services, founded in 1987 provides a host of products and services across retail and institutional broking, private wealth, investment banking, private equity, asset management and home finance.

Shares of Motilal Oswal Financial Services closed 10.28% higher at ₹669 apiece on the NSE.