Only a few short weeks after making the largest investment in Adani Group companies, Rajiv Jain-backed GQG Partners sold HDFC AMC equity shares in a bulk transaction on the NSE for over 397 crore. In contrast, SBI Mutual Fund purchases around 757.41 crore worth of shares in the HDFC-backed mutual fund firm.
GQQ Partners Emerging Markets Equity Fund sold 24,78,905 equity shares in a bulk transaction on the NSE. HDFC AMC: 1600.85 per share, total: 396.84 cr.
SBI MF purchased 47,33,788 equity shares in HDFC AMC Overall for 757.41 crores in a bulk transaction.
The share price of HDFC AMC ended the day at Rs. Compared to the previous closing of 1,681, there was a little gain on Monday. 1,678.15 each. The price reached 1,589.50 per share, a new 52-week low.
Early in March, the largest open market huge acquisition of Adani Group shares was done by Rajeev Jain’s GQG, a top global equity investing boutique based in the US.
gqg 15,446 crore was spent on Adani Enterprises, Adani Green Energy, Adani Ports, and Adani Total Gas in a series of secondary block purchases.
With this 15,446 crore, GQG has elevated its position as a significant investor in the expansion and development of vital Indian infrastructure.
JM Financial recently gave a “Buy” recommendation with a target price of Rs. 2,550 on the stock of HDFC AMC.
Moreover, Prabhudas Lilladher stated in a recent research that “HDFCAMC may acquire a bigger proportion of gross MF sales by HDFCB after the merger, as it is just 25% (equal to 70-98%) at the moment. Strong profitability with operating returns of 36 bps was achieved because to better asset mix and cost management, and this trend should be maintained. Value is 22.5 times FY25E core EPS, and we multiply by 27 to get a target price of Rs 2100.
In Q3FY23, HDFC AMC reports a 3% YoY increase in net profit of 369.5 crores and a 2% YoY increase in sales of 559.6 crores. A muted increase in its operating profit from its primary asset management business was performance 397.4 crores.
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