Shares of HDFC Asset Management Company (AMC) surged 8% after the UK-based Abrdn Investment Management, which held a 10.2% stake in the company, sold its entire stake via block deals, exiting the company. The offer price was set at Rs 1,800- Rs 1,892.45 per share, down 4.9% from the closing price on June 19, 2023. This is the second stake sale for Abrdn following its exit from HDFC Life via open market transactions.
HDFC AMC has formed healthy bullish candlestick pattern on the daily charts with above average volumes, after Tweezer Bottom candlestick pattern formation in previous session, which is generally a short-term bullish reversal pattern. The stock climbed 5 percent to Rs 1,856 on the NSE.
HDFC Asset Management Company (AMC) has launched HDFC Defence Fund, a first-of-its-kind Defence Fund in India. Watch this Visual Story to know what it is and where it will invest.
Prabhudas Lilladher is bullish on HDFC Asset Management Company has recommended buy rating on the stock with a target price of Rs 2100 in its research report dated April 26, 2023.