India's Nippon Life gains on rise in Q3 earnings, attractive valuations

Nippon Life India Asset Management

31/01/2023 07:21

** Shares of Nippon Life India Asset Management  NIPF.NS 
rise as much as 2.36%, most intraday gain in over a month, to
240.95 rupees
    ** The company reports uptick in consolidated Q3 net profit
post market hours on Monday; assets under management (AUM) rises
to 3.6 trillion rupees 
    ** Improvement in yields was encouraging and was primarily
due to healthy equity flows in B-30 markets (beyond the top 30
cities), says Jefferies, and revises earnings estimates upwards
by 2-5% 
    ** The global brokerage firm has a "buy" rating and
maintains valuations remain reasonable
    ** Operating performance of the asset management company
remains stable while the risk-reward is attractive, according to
Phillip Capital, which has a "buy" rating 
    ** About 224,920 shares change hands as of 12:35 p.m. IST,
0.7x the 30-day avg of 310,994 shares
    ** Of the 16 analysts tracking the company, 13 maintain
"buy" and three suggest "hold"; median TP is 340 rupees
     ($1 = 81.6970 Indian rupees)
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))