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HDFC AMC corrects after 4-day rally

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HDFC Asset Management Company fell 5.02% to Rs 2,200.55 at 14:37 IST on BSE on profit booking after a recent rally.

Meanwhile, S&P BSE Sensex was down 396.81 points or 1.04% at 37,940.20.

On BSE, 50,000 shares were traded in HDFC Asset Management Company counter, compared to a 2-week average of 57,000 shares. The share price hit an intraday high of Rs 2,297 and an intraday low of Rs 2,183.10. It hit a 52-week high of Rs 2,369.50 on 19 July 2019 and a 52-week low of Rs 1,248.30 on 21 September 2018.

Recent rally was triggered by the company's robust Q1 outcome. HDFC Asset Management Company (HDFC AMC) announced during market hours on Tuesday, 16 July 2019, that its net profit rose 42.16% to Rs 291.79 crore on 10.29% increase in total income to Rs 552.75 crore in Q1 June 2019 over Q1 June 2018.

Following the strong results, the stock HDFC AMC stock jumped 3.08% to end at Rs 1994.30 on Tuesday, 16 July 2019.

Shares of HDFC Asset Management Company soared 19.75% in the past four trading sessions to settle at Rs 2,316.85 on Friday, 19 July 2019, from its close of Rs 1,934.65 on 15 July 2019.

The company's operating profit from core asset management business for the quarter ended 30 June 2019 jumped 44% to Rs 381.50 crore compared with Rs 264.70 crore in the quarter ended 30 June 2018.

The company reported total AUM of Rs 3,56,700 crore as of 30 June 2019 compared to Rs 3,01,100 crore as on 30 June 2018, a growth of 18%. The ratio of equity oriented assets and non-equity oriented assets is 48:52, compared with the industry ratio of 43:57.

HDFC AMC is India's largest mutual fund manager with total asset under management (AUM) market share of 14.7% as on 30 June 2019. It has India's largest actively managed equity mutual fund AUM, with market share at 16.2% as on 30 June 2019. The company reported increase of 10% in individual customer accounts and increase of 11% in unique customer accounts year on year as on June 2019.

HDFC AMC is an investment manager to HDFC Mutual Fund, the largest mutual fund in the country.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 22 2019. 14:57 IST