HDFC AMC shares hit 52-week high on strong Q2 show

HDFC Share Price: Shares of HDFC Asset Management company, HDFC AMC, climbed over 5 per cent intraday on Friday (October 13) to scale a fresh 52-week high of Rs 2,910.70 per share on BSE. The sharp gains in the stock were triggered after the company’s strong Q2 show.

In the September ended quarter of FY24, the company’s consolidated net profit jumped 20 per cent year-on-year (YoY) to Rs 436 crore as against Rs. 364 crore in the corresponding period of the last fiscal. 

Revenue from operations in the period under review climbed to Rs 643, a growth of 18% YoY, in comparison to Rs 545 in the same quarter of the previous year.

Total assets under management at the end of the September quarter were Rs 5,24,700 crore.

As per the Trendlyne data, the consensus recommendation on the counter from 20 analysts is 'Hold', with 7 of them maintaining a ‘Strong Buy’ rating on the AMC stock.

Stock’s technicals

Technically, HDFC AMC's day RSI (14) is at 61.9.

The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at 49.1.

The stock traded higher than its 30-day, 50-day, 100-day, and 200-day moving averages.

HDFC AMC share price performance

HDFC AMC shares in the last one year have delivered 50 per cent return to their shareholders.

The stock’s 52-week high and low prices are Rs 1589.5 and Rs 2910, respectively.

The stock in the last one month has advanced 10 per cent, while it has climbed 24 per cent in the last 3 months.