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Hold HDFC AMC; target of Rs 2500: ICICI Direct

ICICI Direct recommended hold rating on HDFC AMC with a target price of Rs 2500 in its research report dated October 23, 2020.

October 25, 2020 / 12:02 PM IST
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ICICI Direct's research report on HDFC AMC

HDFC AMC reported a mixed performance wherein muted operational performance was supported by one-off other income. AUM growth remained weak with a decline in market share. Industry AUM increased to Rs 26.9 lakh crore as of September 2020 compared to Rs 24.5 lakh crore as of September 2019, largely led by a pick-up in non-equity inflows. Equity related AUM remained broadly flattish YoY at Rs 10.4 lakh crore, leading to a decline in proportion of equity AUM to 39% against 43% in Q2FY20. SIP inflows dipped 6% YoY to Rs 7800 crore though SIP accounts came in a tad higher by 17.2% YoY to 3.3 crore.


Therefore, we downgrade the stock from BUY to HOLD with a revised target price of Rs 2500 per share (earlier Rs 3000).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Oct 25, 2020 12:02 pm

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