HDFC AMC stock in focus after SBI Mutual Fund buys 47.33 lakh shares

Shares of HDFC Asset Management Company (AMC) were in focus today after US-based GQG Partners offloaded a partial stake the mutual fund firm through open market transactions on Monday. Around 25 lakh shares worth Rs 396 crore changed hands at a price of Rs 1,600.85 per share, NSE data said. On the other hand, SBI Mutual Fund bought 47.33 lakh shares of the firm at Rs 1600 per share for Rs 757 crore.

In early trade, HDFC AMC shares gained over 3.5% on BSE. The stock touched an intraday high of Rs 1743.55, gaining 3.59% on BSE. Total 0.14 lakh shares of the firm changed hands amounting to a turnover of Rs 2.39 crore on BSE.

Market cap of the firm rose to Rs 37,164 crore on BSE today. The stock has lost 19.25% in one year and fallen 20.28% since the beginning of this year.

The stock hit a 52-week low of Rs 1595.25 on March 20, 2023 and a 52 week high of Rs 2479.25 on April 4, 2022.

In terms of technicals, the relative strength index (RSI) of HDFC AMC stands at 21.6, signaling it's trading in the oversold zone. HDFC AMC stock has a one-year beta of 1, indicating average volatility during the period. HDFC AMC stock is trading higher than the 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.

HDFC Asset Management Company (AMC) reported a 3% year-on-year (YoY) rise in its December quarter net profit at Rs 369.5 crore. The HDFC Group company's revenue from operations in Q3 rose 2% YoY to Rs 559.6 crore. During the quarter, the company's operating profit from core asset management business was flat at Rs 397.4 crore.

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