Indian benchmark indices started the trading session flat, reflecting subdued investor sentiment. Notably, BSE Metals and BSE Telecommunications led the way as the top-performing sectors, both posting gains exceeding 1%, while BSE Information Technology and BSE Bankex were the only losing sectors. With 2,006 shares rising on the BSE and 1,279 shares declining, the advance-decline ratio strongly remained in favour of advances.
HDFC Asset Management Company Ltd witnessed a notable uptick, with its shares surging over 2% today following the company’s announcement that it has invested Rs 25 crore in its wholly-owned subsidiary, HDFC AMC International (IFSC) Limited, reaffirming its 100% ownership of total paid-up share capital of the subsidiary.
Considering the company’s quarterly performance, on a standalone basis it reported a growth of 10.15% from Rs 521.58 crore registered in Q1FY23, recording total revenue of Rs 574.54 crore in Q1FY24. It has reported strong operating profit growth of 46.3%. Compared to the same quarter last year, the net profit for the first quarter of FY24 climbed 51.98%, from Rs 314.19 crore to Rs 477.51 crore.
Over the past six months, shares have experienced a remarkable upswing, registering a gain of over 60%. Currently, the stock is trading at Rs 2,730 per share, closely approaching its 52-week high of Rs 2,755 per share on the BSE.
HDFC Asset Management Company (AMC) stands as a prominent player in the Indian asset management industry, boasting an extensive range of savings and investment products spanning various asset classes. Furthermore, the company extends its services to cater to HNIs, family offices, domestic corporations, trusts, provident funds, as well as domestic and global institutions by offering portfolio management and separately managed account services. With an extensive reach, the company operates a vast network of 228 Investor Service Centres (ISCs) strategically positioned across over 200 cities.
Keep a close eye on this stock for the upcoming trading sessions.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.