Shares of HDFC Asset Management Company Ltd (HDFC AMC) surged nearly 5% on Tuesday after SBI Mutual Fund acquired 2.28% stake or 47.33 lakh shares in the company via open market transactions on Monday.
SBI Mutual Fund purchased 47.33 lakh shares of the company for ₹757 crore at an average price of ₹1,600 apiece.
Meanwhile, US-based GQG Partners sold roughly 24.7 lakh shares, or 1.16% of the business, for close to ₹397 crore in a bulk transaction. According to bulk deal data, the deal was executed at an average weighted price of ₹1,600.85 per equity share.
The emerging market fund of GQG Partners owned 2.28% of HDFC AMC as of the December quarter.
On the technical front, the stock has made a new 52-week low in the past seven days and its average weekly volume is high.
The stock price fell 22.1% and underperformed its sector by 29.7% in the past year.
"The stock is on strong support of last years' swing low around ₹1,650. Yesterday, there was a bulk deal and today the stock has seen strong start. If prices maintain this gain for the day, then, expect a strong bounce towards ₹1,850 in the near term," said Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.
According to MintGenie poll, 19 analysts on an average recommend 'buy' rating on the stock.
