HDFC AMC gains over 3% on strong June results; m-cap up by Rs 12.5 bn

Shares of HDFC Asset Management Company on Friday defied the broader market sentiment and settled with gains of over 3 per cent on strong June quarter results.

Following the uptick in the counter, the market capitalisation of the company rose by Rs 12.57 billion to Rs 400 billion.

The fund house got listed earlier this month.

This is the fifth consecutive session of gains for the stock. The stock has risen 10.54 per cent since August 16 and 7.39 per cent since August 21, the date on which the company had announced its June quarter results.

The country's second-largest mutual fund house had reported a 25 per cent surge in net profit at Rs 2.05 billion for the three months ended June. The fund house had logged a net profit of Rs 1.64 billion in the April-June quarter of 2017-18.

Riding on the strong June quarter results, shares of the company today opened at Rs 1,832, then surged to an intra-day high of Rs 1,919.30, before finishing at Rs 1,890.85, up 3.24 per cent.

On NSE, the stock opened at Rs 1,834.50, then touched a high of Rs 1,924.40 and finally settled at Rs 1,896.90, up 3.39 per cent.

HDFC AMC is the second-largest fund house in the country in terms of total assets under management, after ICICI Prudential Mutual Fund.

HDFC AMC operates as a joint venture between Housing Development Finance Corporation and Standard Life Investments.