HDFC Asset Management Company shares jumped up after the company posted strong numbers for the quarter ended March.
What Happened: The fund house’s revenue for the quarter jumped over 35% to ₹775 crore, compared with the ₹574 crore posted in the same quarter last year. The company’s net profit for the quarter stood at ₹604 crore, up around 26% from the ₹477 crore posted in the corresponding quarter of the previous year.
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The shares of the company jumped sharply as soon as the results came out. However, the stock went down shortly after.
Earlier this month, HDFC Mutual Fund announced it will stop accepting new systematic investment plans and lump sum payments in its HDFC Defence Fund from July 22, citing valuation concerns. This decision follows earlier restrictions on lump sum investments imposed shortly after the scheme’s launch in June 2023.
Price Action: HDFC AMC’s share price was up 0.13% to trade at ₹4,174.25 on Monday afternoon.
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