AMC Stocks: UTI AMC, HDFC AMC, and Nippon India shares get a boost after Zerodha files papers to launch mutual fund schemes
The share of UTI AMC was trading higher by 2.60 per cent, HDFC was up 1.26 per cent, while Nippon India moved up by 1.72 per cent in early trading hours on Tuesday. Zerodha said on Monday that it had submitted its papers to Sebi to launch its two mutual fund schemes: the Zerodha Tax Saver (ELSS) Nifty Large Midcap 250 Index Fund and the Zerodha Nifty Large Midcap 250 Index Fund (ZN250).
AMC Stocks: Shares of asset management companies UTI AMC , HDFC AMC , and NIPPON INDIA started their respective trading sessions on Tuesday (September 5) on a high note, a day after Zerodha MF filed papers with Sebi to start two mutual fund (MF) schemes. The share of UTI AMC was trading higher by 2.60 per cent, HDFC was up 1.26 per cent, while Nippon India moved up by 1.72 per cent in early trading hours on Tuesday.
Zerodha, which got its mutual fund licence last month, said on Monday that it had submitted its papers to the Securities Exchange Board of India (Sebi) to launch its two mutual fund schemes: the Zerodha Tax Saver (ELSS) Nifty Large Midcap 250 Index Fund and the Zerodha Nifty Large Midcap 250 Index Fund (ZN250).
The impact of the development seems to reflect well on the shares of AMCs. ZeeBiz takes you through the performances of some of India's leading AMCs.
UTI AMC
UTI AMC started its day on a positive note, rising as high as Rs 775.60 within an hour of market opening. The share was trading well at the time of writing the article, trading 2.60 per cent up at Rs 771.45.
This is quite a change from the share's value in the one month when it slipped 0.45 per cent against benchmark index, the Nifty 50, which fell 0.10 per cent in the same period.
The company's shares in the last six months, however, have soared 15.31 per cent against the Nifty 50's rise of 10.53 per cent in the same duration.
HDFC AMC
HDFC AMC shares also jumped as high as 1.35 per cent to Rs 2482.35 in early trading.
The shares were trading up 1.26 per cent at Rs 2,448.00.
The jump was a respite from the company's performance in the last five trading sessions, when it slid 2.06 per cent, against the Nifty 50's jump of 0.74 per cent in the same time period.
The company last month announced an open-ended equity scheme - HDFC Technology Fund.
HDFC AMC said that the purpose of the scheme was centred around investing in technology and related companies with a bottom-up approach to stock selection.
NIPPON INDIA
Nippon India is also cashing in on the interest in AMC stocks after Zerodha's announcement. Investors showed buying interest in the share, which jumped as high as 3.09 per cent to Rs 326.75 in the early morning trading session.
The share is still in good health, trading higher by 1.72 per cent at Rs 322.40.
The share of the asset management company has seen a substantial jump in its price at 42.68 per cent.
The company's analyst/institutional investor meeting is scheduled for Wednesday (September 6).
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