UTI AMC gains 3%, trades above issue price for the first time since listing

JM Financials Institutional Securities recently initiated coverage on UTI AMC with a 'BUY' rating and a target price of Rs 700

Shares of UTI Assets Management Company (AMC) were trading higher for the third straight day, up 3 per cent at a fresh record high of Rs 560.95 on the BSE on Wednesday. The stock is trading above its issue price of Rs 554 for the first time since listing on October 12, 2020.

UTI AMC is the second-largest asset management company in India in terms of total assets under management or AUM (Rs 10.4 trillion) and the 8th largest asset management company in India in terms of mutual fund monthly average AUM (MAAUM of Rs 1.57 trillion).

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