India's UTI Asset surges on report Tata Asset Management eyeing 45% stake

UTI Asset Management

16/08/2022 09:28

** Shares of UTI Asset Management Co  UTIA.NS  rise as much
as 19.3% to 894.70 rupees, their biggest intra-day pct gain
since Feb 28
    ** India's Tata Asset Management is considering buying 45%
stake in UTI AMC, the Economic Times newspaper reported
 urn:newsml:reuters.com:*:nL4N2ZS0QC
    ** Punjab National Bank  PNBK.NS  holds about 15% stake in
UTIA, while State Bank of India  SBI.NS , Bank of Baroda
 BOB.NS  and Life Insurance Corp  LIFI.NS  hold about 10% stake
each, according to Refinitiv data
    ** Tata Asset Management holds 2.6% stake in UTIA
    ** UTI and Tata Asset did not immediately respond to
Reuters' request seeking comments
    ** For qtr ended June 30, UTIA reported fall in profit
 urn:newsml:reuters.com:*:nFWN2Z74W6
    ** Nearly 2 mln share change hands, 16x 30-day avg of
128,627 shares
    ** Shares of UTIA down 29% so far this year as of Friday's
close

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))