HDFC AMC (HDFC Asset Management Company) saw its shares reach the highest point they’ve been in a year thanks to a strong performance in the second quarter of the financial year 2024 (FY24). During this quarter, the company’s total profit, when you combine all its different parts, increased by 20% compared to the same period last year. It went up to Rs 436 crore, whereas it was Rs 364 crore in the same period of the previous fiscal year.
HDFC Asset Management Company, or HDFC AMC, saw its share price rise by more than 5% during trading on Friday, October 13th, reaching a new high for the past year at Rs 2,910.70 per share on the BSE stock exchange. This significant increase in the company’s stock price was driven by its strong performance in the second quarter.
During the quarter ending in September of the financial year 2024 (FY24), the company’s combined net profit increased by 20% compared to the same period last year. It rose to Rs 436 crore, up from Rs 364 crore in the corresponding period of the previous fiscal year.
Furthermore, the revenue generated from the company’s operations in this period also showed growth, increasing to Rs 643. This represented an 18% growth year-on-year when compared to the Rs 545 in the same quarter of the previous year.
By the end of the September quarter, HDFC AMC had around Rs 5,24,700 crore in total assets under management.
According to data from Trendlyne, out of 20 analysts, the consensus recommendation for the company’s stock is ‘Hold.’ Seven of them are giving it a ‘Strong Buy’ rating.
In terms of technical indicators, HDFC AMC’s Relative Strength Index (RSI) for the day is at 61.9. An RSI below 30 suggests the stock is oversold, and above 70 indicates it’s overbought, according to Trendlyne data. The Moving Average Convergence Divergence (MACD) stands at 49.1.
The stock is currently trading above its 30-day, 50-day, 100-day, and 200-day moving averages.
In the past year, HDFC AMC shares have given a 50% return to their shareholders. The stock’s 52-week high and low prices are Rs 1589.5 and Rs 2910, respectively.
Over the last month, the stock has gone up by 10%, and in the last 3 months, it has seen a 24% increase in its price.