Buy HDFC Asset Management Company, target price Rs 3400: IIFL

IIFL has buy call on HDFC Asset Management Company Ltd. with a target price of Rs 3400. The current market price of HDFC Asset Management Company is Rs 3267.1.

Time period given by analyst is Intra Day when HDFC Asset Management Company Ltd. price can reach defined target.

HDFC Asset Management Company Ltd., incorporated in the year 1999, is a Large Cap company (having a market cap of Rs 69623.30 Crore) operating in Financial Services sector.


Financials
For the quarter ended 30-06-2021, the company reported a Standalone Total Income of Rs 607.99 Crore, up 11.44 % from last quarter Total Income of Rs 545.57 Crore and up 23.75 % from last year same quarter Total Income of Rs 491.31 Crore. Company reported net profit after tax of Rs 345.45 Crore in latest quarter.

Investment Rationale
Stock has given a consolidation pattern breakout with an uptick in the volumes on the daily chart

Promoter/FII Holdings
Promoters held 58.9 per cent stake in the company as of March 31, 2021, while FIIs held 25.7 per cent, DIIs 6.3 per cent and public & others 9.2 per cent.