HDFC Asset Management stock in focus after partial stake sold

Shares of HDFC Asset Management Company AMC were in focus after US-based GQG Partners removed a partial stake in 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. NSE data said that it had 85 per share. SBI Mutual Fund bought 47.33 lakh shares of the firm at Rs 1600 per share for 757 crore.

HDFC AMC shares gained more than 3.5% on the BSE in early trade. The stock was at an intraday high of Rs 1743.55, gaining 3.59% on the BSE. A turnover of Rs 2.39 crore was changed on the firm's hands with total 0.14 lakh shares of the firm.

On the BSE, the firm's market cap rose to 37,164 crore. The stock has lost 190.25% in a year and has fallen 20.28% since the beginning of this year.

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

The relative strength index RSI of HDFC AMC is 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 increase in its December quarter net profit at Rs 369.5 crore. The HDFC Group's revenue in Q 3 went up 2% YoY to 559.6 crore. The company's operating profit from core asset management business was flat at Rs 397.4 crore during the quarter.