Share markets in India are presently trading marginally higher. Sectoral indices are trading on a positive note with stocks in the capital goods sector and the healthcare sector witnessing maximum buying interest.
The BSE Sensex is trading up by 53 points (up 0.1%), while the NSE Nifty is trading up by 4 points (up 0.04%). The BSE Mid Cap index is trading up by 0.1%, while the BSE Small Cap index is trading down by 0.2%.
The rupee is trading at 70.10 to the US$.
In the news from finance space, HDFC Asset Management Company share price is witnessing buying interest today as the mutual fund house reported a 25% year-on-year (YoY) rise in net profits for the quarter ended June 2018.
The company had recently concluded its IPO and had received a stellar response for the same.
HDFC AMC is the asset management arm of Housing Development Finance Corporation (HDFC Ltd). Promoted by HDFC in 1999, Standard Life Investments (SLI) acquired 26% stake in HDFC AMC in 2001, and now the company operates as a joint venture between HDFC and SLI.
Through organic growth and acquisitions, such as Zurich India and Morgan Stanley MF, the firm has grown to one of the top two AMCs in India. It has around Rs 2.9 trillion of assets under management (AUM), commanding a significant 13.7% market share in the industry. It is also ranked the most profitable AMC in the country since FY13.
Senior management of the firm has been broadly stable with Mr. Milind Barve serving as the Managing Director since 2000 and Mr. Prashant Jain as Chief Investment Officer since 2004.
To know more about the company, you can read our IPO analysis of HDFC Asset Management Company (AMC) Ltd(requires subscription).
At the time of writing, HDFC AMC share price was trading up by 3.4% on the BSE.
L&T share price is also in focus today as the board of directors today approved the company’s first ever proposal of buyback of equity shares.
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