UTI Asset Management Company (UTI AMC) surged 7.02% to Rs 682.25 after PPFAS Mutual Fund on Monday bought 0.88% stake in the company through a block deal.
As per the bulk deal data on the NSE, PPFAS Mutual Fund bought 11,22,643 equity shares, or 0.88% equity, at Rs 636 per share in UTI AMC, aggregating to Rs 71,40,00,948.UTI AMC is the investment manager to UTI Mutual Fund. UTI AMC is registered as portfolio manager with SEBI and through its subsidiary it acts as fund manager for AIF, among others. It also has a countrywide network of branches along with a diversified distribution network.
On a consolidated basis, UTI AMC reported 53% drop in net profit to Rs 60 crore in Q3 FY23 from Rs 127 crore in Q3 FY22. Total revenue from operations fell by 5% YoY to Rs 295 crore during the quarter.
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