HDFC AMC spurts 3 pc; m-cap up Rs 1,257 cr

Shares of HDFC Asset Management Company today defied the broader market sentiment and settled with gains of over 3 percent on strong June quarter results.

Following the uptick in the counter, the market capitalization of the company rose by Rs 1,257.09 crore to Rs 40,083.90 crore.

The fund house got listed earlier this month.

This is the fifth consecutive session of gains for the stock. The stock has risen 10.54 percent since August 16 and 7.39 percent since August 21, the date on which the company had announced its June quarter results.

The country's second-largest mutual fund house had reported a 25 percent surge in net profit at Rs 205.26 crore for the three months ended June. The fund house had logged a net profit of Rs 164.57 crore in the April-June quarter of 2017-18.

Riding on the strong June quarter results, shares of the company today opened at Rs 1,832, then surged to an intra-day high of Rs 1,919.30, before finishing at Rs 1,890.85, up 3.24 percent.

On NSE, the stock opened at Rs 1,834.50, then touched a high of Rs 1,924.40 and finally settled at Rs 1,896.90, up 3.39 percent.

HDFC AMC is the second-largest fund house in the country in terms of total assets under management, after ICICI Prudential Mutual Fund.

HDFC AMC operates as a joint venture between Housing Development Finance Corporation and Standard Life Investments.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)