India's UTI Asset Management falls on slide in Q2 earnings

UTI Asset Management

19/10/2023 07:47

** Shares of UTI Asset Management  UTIA.NS  fall as much as
5.04% to 765.60 rupees, a six-week low
    ** Co's Sept-qtr net profit falls 8.5% Y/Y, while revenue
declined 7.13%
    ** Slide in revenue and profit led by fall in equity yields,
says Gaurav Jain, research analyst at Prabhudas Lilladher
    ** Adds mutual fund yields dipped ~2 basis points
sequentially in September quarter and weighed on earnings
    ** Trading volume is 319,004 shares as of 12:11 a.m. IST,
twice the 30-day avg - LSEG data
    ** Avg rating of 12 analysts close to equivalent of 'buy;'
with median PT of 900 rupees - LSEG data
    ** UTIA shares down 8.7% in 2023 so far

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))