MFs fancy UTI AMC
Several MF houses bought shares of peer UTI Asset Management Company during the March quarter. According to disclosure of the shareholding data, Mirae Asset MF and ICICI Prudential MF hiked their stake in the company by 44 bps and 195 bps to 5.56% and 4.61%, respectively. Invesco MF, Tata MF, Canara Robeco and Sundaram MF, too, have reported an increase in holding in UTI AMC. “UTI AMC is exhibiting multiple positive business indicators, such as gains in market share in equity segment as well as flows, SIP as well as folio additions. Cost reduction programme undertaken by the company and hike in pension fund management charges are strong earnings drivers ahead,” said ICICI Securities in a note last week. UTI AMC got listed in October 2020 but had slipped 15% below its issue price. However, currently it trades 15% above the IPO price.
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