Article ignores that fact that Motilal is more of a wealth management company than AMC, revenue from the latter being much smaller. So comparison with pureplay AMC firms is flawed and misguided.
Wealth management business is more secular and stickier and if we just look at the multiples that listed wealth management players such as Anand Rathi and Nuvama are getting, Motilal stock has got plenty of scope for appreciation.
Disc- Invested from 200 levels and accumulating at every dip.
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