HDFC Asset Management Company (HDFC AMC) saw its stock rise 4.29% to ₹4,750.50 following the announcement of strong Q2 FY24 results and favorable commentary from brokerages. The company reported a 31.8% year-on-year (YoY) increase in net profit to ₹576.88 crore, while revenue grew 37.9% YoY to ₹1,057.82 crore.
Several brokerages responded positively to the results:
- Jefferies maintained a “Buy” rating with a target price of ₹5,450, praising the 46% YoY growth in pre-tax profit.
- CLSA upgraded HDFC AMC to “Outperform” with a target price of ₹4,920, citing strong AUM growth and profitability.
- Citi remained cautious with a “Sell” rating, setting a target price of ₹3,600, due to concerns over yield moderation.
The Q2 performance, combined with positive brokerage outlooks, has boosted investor sentiment, positioning HDFC AMC for continued growth.
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