After PPFAS Mutual Fund purchased over 1.12 million shares of the business through a block deal, the price of UTI Asset Management business’s shares increased by more than 8% to reach Rs 689 during Tuesday’s trading on the BSE.
PPFAS Mutual Fund spent Rs. 71.40 crore to acquire 0.88% of the business by purchasing 1.12 million equity shares, which is equivalent to paying. According to the bulk transaction data provided by the exchange, the mutual fund made purchases of shares at the NSE at a price of Rs 636 per share.
PPFAS’s Flexicap Fund had possessed 14,90,793 shares of UTI AMC as of the end of February 2023.
The company had closed the previous trading day at Rs 637.5 per share, but it was trading 4.6% higher at Rs 666.6 per share at 10.28 in the morning. The company has lost more than 22% of its value since the beginning of the year, and it has lost 30% of its value in the past year.
UTI AMC recorded a drop of 53% in its consolidated net profit to Rs 60 crore in the third quarter of FY23, compared to Rs 127 crore in the third quarter of FY22. Its overall revenue from operations in Q3 FY22 was 295 crore, a 5% year-over-year decrease from the previous year. During the period in question, the company’s total revenue from activities was 295 crore rupees, a 5% YoY decrease from the previous year’s total. The earnings before taxes for the third quarter of fiscal year 23 was 102 crore, which is 31% lower than the 148 crore recorded in the third quarter of fiscal year 22.
Higher employee expenditures and higher other expenses were the primary contributors to the 19% increase in the company’s total expenses that occurred between the third quarter of fiscal year 23 and the third quarter of fiscal year 22.
According to the data provided by Trendlyne, the average target price estimate for UTI AMC is Rs 941. This represents an upside potential of 41% in comparison to the values that are currently available on the market.
The recommendation to purchase the company has been reached by all ten of the analysts who have looked at it. Only one of the analysts has a hold recommendation, while the other nine have strong buy ratings.
UTI AMC’s current price is selling lower than 5 out of its 8 Simple Moving Averages (SMAs). The stock’s price was higher than its 5-day, 10-day, and 20-day moving averages but lower than its 30-day, 50-day, 100-day, 150-day, and 200-day moving averages at the time of trading.
The UTI Mutual Fund is managed by UTI AMC, which is an investment management company. UTI AMC is registered with SEBI as a portfolio manager, and through its subsidiary, it serves in that capacity for a number of different organizations, including AIF. In addition to this, it possesses a diversified transportation network as well as a branching structure that spans the entirety of the country.
