HDFC AMC shares hit record high, market cap crosses Rs 1 lakh cr mark

Shares of HDFC Asset Management Company (AMC) rose to their record high on Wednesday after the private sector firm reported a 32% rise in Q2 net profit. Profit climbed to Rs 576.61 crore in the second quarter of the current fiscal against Rs 436.52 crore in the corresponding quarter of last year.

HDFC AMC stock climbed 5.45% intraday to a high of Rs 4797 against the previous close of Rs 4548.65 on BSE. Market cap of the firm rose to Rs 1.02 lakh crore. This is the first instance the market cap hit Rs 1 lakh crore mark. 

A total of 0.32 lakh shares of the firm changed hands, amounting to a turnover of Rs 15.12 crore on BSE. The stock zoomed 151% in two years and rose 61.60% in three years.

It fell to its 52 week low of Rs 2691.20 on October 30, 2023.

The relative strength index (RSI) of HDFC AMC stands at 61.7, signaling the stock is trading neither in the overbought and nor in the oversold zone. HDFC AMC shares are trading higher than the 5 day, 10 day, 20 day 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

Revenue from operations of the AMC climbed 38% to Rs 887.2 crore in Q2 from Rs 643 crore a year ago.

In Q2, HDFC AMC clocked a 9 per cent quarter-on-quarter (Q-o-Q) and 47 per cent year-on-year (Y-o-Y) growth in assets under management (AUM) at Rs 7.69 lakh crore, led by growth in equity AUM (10 per cent Q-o-Q and 62 per cent Y-o-Y).