India's HDFC Asset Management near 2-yr high on strong Q2 results

HDFC Asset Management

13/10/2023 08:13

** Shares of Indian mutual fund manager HDFC Asset Management
Company  HDFA.NS  rise as much as 5.6% to 2,910 rupees, highest
since Oct. 20, 2021
    ** HDFA reports 20.2% rise in profit after tax to 4.38 bln
rupees ($52.63 mln) in Q2
    ** Actively managed equity QAAUM (Quarterly Average Assets
Under Management) for HDFC AMC registered a strong growth of 35%
YoY and 15% on QoQ basis, which is superior to industry growth
rates - Haitong Securities
    ** Growth driven by increasing share of equity assets in
total AUM, up by 2.5% QoQ - IIFL Securities 
    ** Merger of HDFC with HDFC Bank is expected to benefit HDFC
AMC potentially resulting in additional inflow of 150 to 200 bln
rupees - InCred Equities 

($1 = 83.2200 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))