Buy Nippon Life India Asset Management: target of Rs 502: Sharekhan

Sharekhan's research report on Nippon Life India Asset Management

With improved operating performance and stable market share of ~7% over the past four quarters, we believe that Nippon India Life Asset Management (NAM) can clock better earnings growth going ahead. NAM has performed reasonably well after its rebranding in 2019, gaining business traction and profitability, through a strategic focus on retail investors and a strong presence in B-30 cities. It has also reactivated more than 1,000 corporate accounts. Focus on retail investors aided by an extensive branch network bodes well for growth. Besides, the company intends to launch newer and attractive products going ahead, which is a further positive.

Outlook

We maintain a Buy rating on NAM India with a revised price target of Rs. 502. Stock has performed well giving year-to-date returns of 45%.

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