We roll over our target price to FY20E and adjust for special dividend. New target price at INR342 (earlier INR354) implies 12-13% upside and 7% dividend yield. Maintain Neutral. Recent volatility in stock price is an opportunity to buy the stock, as business fundamentals remain strong, in our view.
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Motilal Oswal was founded in 1987 as a small sub-broking unit, with just two people running the show. Today it has a 2000 member team with a networth of Rs7 bn and market capitalization as of March 31, 2008 at Rs19 bn.
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