HDFC AMC surges after 6 percent equity change hands on BSE
Published On: Tuesday, August 16, 2022 | By: Team KnowMyStock
Shares of HDFC Asset Management Company (AMC) surged 12 percent to Rs 2,185.30 on the BSE in Tuesday’s intra-day trade after nearly 6 percent of the total equity of the company changed hands via block deals. As many as 1.3 crore shares, or nearly 6 percent stake in the company worth Rs 2,520 crore, changed hands on the BSE at Rs 1,951 apiece, ABRDN Investment Management Limited (Formerly Standard Life Investments Limited), one of the promoters of HDFC AMC, held 16.21 percent stake in the company as on June 30, 2022, the shareholding pattern data shows. On September 29, 2021, Standard Life Investments Limited sold 10.65 million shares of HDFC AMC on the BSE at an average price of Rs 2,873.79 per share. Standard Life Investments held a 21.23 percent stake in the company as of June 30, 2022, as per BSE data.The block deal in the stock comes after a strong rally in the counter over the last three months. Shares of the asset manager have risen 21.5 percent in the past 90 days on the back of
In its financial earnings report for the April-June quarter, HDFC AMC reported a 9 percent decline in its profit after tax (PAT). The PAT stood at Rs 314.19 crore as compared to Rs 345.5 crore in the corresponding period last year.The company’s management also pointed towards efforts to improve its share of systematic investment plans in the mutual fund industry while its margin profile is also expected to improve going ahead.
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