HDFC Asset Management Company gains 4.12% to Rs 2078.10 at 15:00 IST on the BSE, extending yesterday's 3.08% rise triggered by the company's strong Q1 outcome.
Meanwhile, the S&P BSE Sensex was up by 100.11 points or 0.26% to 39,231.34.
On the BSE, 91000 shares were traded in the counter so far compared with average daily volumes of 22000 shares in the past two weeks. The stock has hit a 52-week high and intraday high of Rs 2127 and an intraday low of Rs 2032.5. The stock hit a 52-week low of Rs 1248.3 on 21 September 2018.
HDFC Asset Management Company (HDFC AMC) announced during market hours yesterday, 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 results, the stock HDFC AMC stock jumped 3.08% to end at Rs 1994.30 yesterday, 16 July 2019.
Shares of HDFC AMC advanced 7.41% in two trading sessions to its current market price of Rs 2078.10, from close of Rs 1934.65 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 Asset Management Company (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.
A foreign brokerage has reportedly maintained a buy call on the stock and hiked price target to Rs 2,200 from previous target of Rs 1,850. Another foreign brokerage is also bullish on HDFC AMC and has maintained 'overweight' rating on the stock.
HDFC AMC is an investment manager to HDFC Mutual Fund, the largest mutual fund in the country.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)