Shares of Motilal Oswal Financial Services jumped 9.73% to its intraday high of ₹1,025 on Friday.

What Happened: While the reason for the surge today in the bourses is not clear, Motilal Oswal’s share price has been upbeat after the company posted strong Q2 results in October. 

In its Q2 results, the company saw its net profit more than double to ₹1,120 crore compared to ₹531 crore in the previous year. The company's bottom line jumped more than 111% from the previous year.

The financial services firm's operational revenue jumped 72% from the previous year to ₹2,838 crore as against ₹1,655 crore in the same period from last year. 

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The wealth management business posted a 71% year-on-year increase in profit to ₹225 crore while asset and private wealth management profit jumped 63% to ₹213 crore. The capital market business net profit gained 45% to ₹73 crore. Treasury profit also more than doubled to ₹1,242 crore. 

The company's shares have jumped 34% in the last month and have gained 10% since the results on October 28.

Ramdev Agrawal, chairman, and co-founder of Motilal Oswal Financial Services told CNBC-TV18 that the strength in operating performance of the company derives from current strength in the capital market. 

Price Action: Shares of Motilal Oswal were up 6.63% at ₹996 in afternoon trade on Friday. 

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