India's UTI AMC jumps after Q3 results

UTI Asset Management

30/01/2024 07:58

** Shares of UTI Asset Management Company Ltd  UTIA.NS  up
7.3% at 912.35 rupees
    ** Co's Q3 profit rises over 3x, led by higher other income
    ** Brokerages Yes Securities, Nuvama flag weak core revenue
growth, but maintain "buy," citing stock's attractive valuation
vs peers
    ** UTIA's 12-mth forward P/E of 18.3 lowest among other
listed fund managers
    ** More than 3 mln shares traded in stock's busiest session
since end-June, when regulator deferred investor fee changes
    ** Twelve analysts covering stock rate it "hold" on avg;
median PT is 900 rupees - LSEG data
    ** Stock up 5.8% in January, rising for third straight month


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))