India's UTI Asset rises on report of majority stake buy by Tata Group

UTI Asset Management

19/12/2022 04:53

** Shares of UTI Asset Management Co  UTIA.NS  rise as much
as 7.8%, their highest since Sept 13
    ** The Economic Times newspaper reported on Monday that Tata
Group is in final talks to buy a majority stake in UTI Asset,
citing people close to the development 
    ** Tata Group is looking to buy the co from four state-owned
financial entities and a final agreement is being sought on the
deal valuation, the report added 
    ** UTI Asset did not immediately respond to Reuters request
for comment
    ** Stock above its 50-, 100- and 200-day simple moving
average prices
    ** Stock above its 200-day simple moving avg after going
below in the previous five sessions
    ** More than 595,000 shares traded, the busiest day yet for
stock since Nov 25 when Punjab National Bank  PNBK.NS  got
govt's nod to divest stake in co  urn:newsml:reuters.com:*:nL4N32L0YX
    ** On an average, co is rated "strong buy" by analysts;
their median PT is 940 rupees - Refinitiv data
 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))