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Shares of HDFC Asset Management Company on Friday defied broader market sentiment and hit record highs on bourses, jumping as much as five per cent in morning trade on strong June quarter results.
Today is the fifth consecutive session of rise for the stock. The stock has risen 12.01 per cent since August 16 and 8.82 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, on August 21, had reported a 25 per cent surge in net profit at Rs 205.26 crore for three months ended June 30 this year. The fund house had a net profit of Rs 1.64 billion in the April-June quarter of 2017-18.
Riding on the strong June quarter results, the shares of the company on Friday opened at Rs 1,832, then surged to an intra-day high of Rs 1,915.95, up 4.60 per cent over its previous closing price on BSE.
On NSE, the stock opened at Rs 1,834.50, then touched a high of Rs 1,919.00, up 4.59 per cent over its last close.
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The fund house got listed on stock exchanges earlier this month.
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.
