India's HDFC Asset Management hits near 8-month high after block deal

HDFC Asset Management

07/12/2022 06:52

** Shares of HDFC Asset Management Company Ltd  HDFA.NS 
rise as much as 4.7% to 2,296.00 rupees, their highest since
April 8
    ** About 302,376 shares of HDFC Asset Management  HDFA.NS 
changed hands in a block deal in Wednesday's session, as of
11:52 a.m. IST    
    ** Stock sees biggest intraday pct gain since Aug. 16
    ** Promoter abrdn Investment Management on Tuesday sought
approvals to sell its entire 10.21% stake in HDFA, consequently
ceasing to be a co-sponsor, per exchange filing
    ** The relative strength index of the stock is 76,
suggesting it is overbought, as per Refinitiv data 
    ** Share price is above 50-day exponential moving average
(2,079.62 rupees) and 200-day exponential moving average
(2,131.71), suggesting bullish trend- Refinitiv data   
    ** Moving Average Convergence Divergence (MACD) line is
above the signal line (9-day exponential moving average)
suggesting bullish momentum- Refinitiv data   
    ** Of the 19 analysts tracking the company, 13 maintain
"buy", one suggests "hold" and five recommend "sell"
    ** Up to last close, stock down 10.4% YTD, versus the Nifty
Financial Services  .NIFTYFIN  index which rose 11.03%
 (Reporting by Akansha Victor in Bengaluru)
 ((Akansha.Victor@thomsonreuters.com; Mobile: +919654878265;))