1st Ever 3:1 Bonus Shares: Large Cap Stock Fixed Monday, June 10, 2024 As Record Date; Buy?

Considering that Motilal Oswal Financial Services Limited has set a record date for the release of its first bonus shares, market observers will be paying close attention to the stock in the coming sessions. The company is a well-diversified financial services firm based in India whose shares closed on Friday at Rs 2147.55 apiece level on the BSE. The scrip touched a 52-week-high of Rs 2,677.00 on (26/04/2024) and a 52-week-low of Rs 617.20 on (22/05/2023).

Motilal Oswal Financial Services Record Date For Bonus Shares

For the purpose of issuance of bonus shares in the ratio of 3:1 i.e. 3 (Three) equity shares of face value of Re. 1/- each for every 1 (One) existing equity share of face value of Re. 1/- each held by the shareholders of the company, subject to the approval of the shareholders, Motilal Oswal Financial Services informed the stock exchanges that "We wish to inform the Exchange that the Finance Committee ("the Committee") of the Board of Directors ("the Board") of the Company at its Meeting held on Thursday, May 09, 2024 has fixed the Record Date as Monday, June 10, 2024 for the purpose of the aforesaid Bonus Issue. In this regard, Bonus Equity Shares will be issued to the Equity Shareholders, subject to the approval from the Shareholders, whose names appear in the Register of Members/Beneficial Owners of the Company/Depositories as on Monday, June 10, 2024."

Motilal Oswal Financial Services News

The Board of Directors of the company at its meeting held on Thursday, May 09, 2024 has
approved the allotment of 1 Cr Secured, Rated, Listed, Redeemable Non-Convertible Debentures of face value of Rs 1,000/- each aggregating to Rs 1,000 Crore in relation to the aforesaid Issue.

Motilal Oswal Financial Services Financials

The domestic brokerage company posted a massive 334% YoY rise in its consolidated net profit for the March quarter, coming in at Rs 724.6 crore as opposed to Rs 167 crore at the same period last year. From Rs 1,027.4 crore in Q4FY23 to Rs 2,141.3 crore in Q4FY24, Motilal's revenue from operations jumped by 108% YoY. EBITDA for the quarter was Rs 1,231.5 crore, down from Rs 443.7 crore in the same period the previous year.

Motilal Oswal Financial Services Share Price Target

"Motilal Oswal Financial Services stock price is bearish on the Daily charts with strong resistance at 2291. A Daily close below support of 2025 could lead to a target of 1882 in the near term," said AR Ramachandran from Tips2trades.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.