India's UTI Asset Management extends fall on Q3 profit slump

UTI Asset Management

03/02/2023 06:42

** Shares of UTI Asset Management  UTIA.NS  fall as much as
6.3% to 680.10 rupees, lowest since Nov. 22 
    ** The asset management co extends decline to second
straight session, after reporting 53% fall in Q3 consolidated
net profit in post-market hours on Wednesday
    ** Core profit margins contracted to 39.66% from 51.78% in
the same period a year ago
    ** Analysts at Kotak Institutional Equities see last year's
weak fund performance spilling over to a longer 3-year to 5-year
period as a major risk
    ** Trading volume is 211,563 shares as of 11:55 p.m. IST,
more than the 30-day avg of 203,255 shares
    ** Of the eleven analysts tracking the company, 10 maintain
"buy" and one suggests "hold"; median TP is 940 rupees
    ($1 = 82.1300 Indian rupees)
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))