HDFC AMC rises over 2% in four sessions

HDFC Asset Management Company rose 1.19% to Rs 2,933.50, extending gains for the fourth day.

The stock has added 2.03% in four sessions from its recent closing low of Rs 2,875.15 recorded on 2 July 2021.

In the past one year, the stock has gained 14.77%, underperforming the benchmark Sensex which zoomed 45.26% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 49.178. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 2907.62, 2922.64 and 2782.70, respectively. It is, however, trading below its 20-day SMA placed at 2962.86.

HDFC AMC is investment manager to HDFC Mutual Fund. The company has a diversified asset class mix across equity and fixed income/others. It also has a countrywide network of branches along with a diversified distribution network comprising banks, independent financial advisors and national distributors.

The company reported 26% jump in net profit to Rs 315.9 crore on 6% rise in revenue from operations to Rs 502.9 crore in Q4 FY21 over Q4 FY20.

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