HDFC AMC share price slips ahead of HDFC AMC Q4 results
For the three months that ended in December 2022, the asset management company's earnings after tax (PAT) increased nominally by 3% to ₹369.5 crore
Shares of HDFC Asset Management Company (AMC) Ltd, at 14:00 IST hit an intraday low of ₹1,749.50. Following the mutual fund company's Q4FY23 results, the stock recovered 1.12%, however ended the session in red zone, closed 0.86% down at ₹1,765.60 per share.
The stock was down nearly 1% on Tuesday early trade ahead of Q4FY23 earnings result. The stock slipped over a 1% at 9:30 IST. On Monday, shares of the mutual fund company, closed 0.4% higher at ₹1,774.80 per share on BSE.
For the three months that ended in December 2022, HDFC asset management company's earnings after tax (PAT) increased nominally by 3% to ₹369.5 crore.
In comparison to the same period in FY22, its overall revenue increased by 4% to ₹663 crore in the quarter that ended in December, from ₹635.9 crore.
According to trendlyne data, the stock price has fallen 14% and underperformed its sector by 31.5% in the past year.
Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One said that the stocks volumes have dried down in this counter and there's no major traction in this counter. 1,650 - 1,660 is a support, 1,830 is resistance, the counter as of now lack clear trend.
Last week, Housing Development Finance Corporation Ltd announced that SEBI had authorised the proposed transfer of HDFC Asset Management Co's controlling interest to HDFC Bank Ltd, as part of the scheme of amalgamation.
According to the mutual fund company's exchange filing, SEBI has given its clearance for the planned change in control of HDFC AMC in a letter dated April 21, 2023 to HDFC AMC, a subsidiary of HDFC and the asset management firm of HDFC Mutual Fund.
Additionally, the regulator ordered HDFC AMC to make sure that all other SEBI (Mutual Funds) Regulations, 1996 regulations and circulars were followed.
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