Global brokerage house Bank of America Securities has maintained its buy call on the stock and hiked price target to Rs 2,200 from Rs 1,850 earlier
HDFC Asset Management Company shares rallied 6.7 percent intraday to hit a record high of Rs 2,127.85 on July 17 as global brokerages remained positive on the stock after Q1 earnings.
The stock has rallied 51 percent in the last nine months. It was quoting at Rs 2,107.70, up Rs 113.40, or 5.69 percent on the BSE at 1000 hours IST.
HDFC AMC's profit during April-June quarter grew 42.2 percent to Rs 292 crore with asset under management growth of 18 percent YoY.
Revenue from operations increased 7 percent to Rs 504.4 crore compared to the same period last fiscal while other income grew 61.4 percent to Rs 48.36 crore YoY.
The investment manager of HDFC Mutual Fund said its assets under management at Rs 3.56 lakh crore increased 18 percent YoY. It has 14.7 percent market share in total AUM of the mutual fund industry.
Global brokerage house Bank of America Securities has maintained its buy call on the stock and hiked price target to Rs 2,200 from Rs 1,850 earlier.
Equity flows appeared to be improving and management is confident of sustaining margin improvement, the research house said.
Morgan Stanley is also bullish on HDFC AMC, maintaining 'overweight' rating on the stock and raising price target to Rs 2,300 from Rs 2,000 earlier as reported June quarter's net profit was ahead of its estimates.
Operating profit margin expansion in recent quarters has surprised, said the investment firm that feels margin benefit of shifting to full trail commission model will take longer to unwind.
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