Large Cap AMC Set To Mull Dividend On June 7, Buy For TP Rs 4450 After 15% Correction

Board of Directors of HDFC Asset Management Company Ltd will meet on June 7, 2024 to consider and approve the declaration of Interim Dividend instead of the final dividend. It is further informed that the record date for payment of interim dividend, if declared, will be Tuesday, June 18, 2024. Current market of HDFC Asset Management Company share on BSE is Rs 3459.95 per share with intraday fall of 15.38%. HDFC AMC shares soared 76% in last 1-year. Meanwhile, Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group recommended buy call to HDFC AMC share with target price of Rs 4450 per share and maintain stop loss Rs 3790 per share.

Nuvama,JP Morgan On HDFC AMC: Doshi said HDFC AMC managed to conquer the selling zone of 3950-4000 from where it was facing profit taking for the past couple of months. Momentum indicators also suggests that stock is ready for a fresh upswing.
Meanwhile, Global brokerage firm JP Morgan in April upgraded its rating on the HDFC AMC stock to overweight from neutral, and revised target price to Rs 4,450 per share, reflecting a surge in market share.

HDFC Asset Management Company Announced Dividend In April: The BSE filing of HDFC AMC dated April 19, 2024 stated, "Further, the Board of Directors in the said meeting has recommended a dividend of Rs. 70/- per equity share of Rs. 5/- each of the Company, for the financial year ended March 31, 2024, subject to approval of shareholders at the ensuing Annual General Meeting. The dividend if approved by the shareholders, will be dispatched / remitted commencing from the day after the ensuing Annual General Meeting."

HDFC Asset Management Company Q4 Results: HDFC AMC on April 19, 2024 announced a robust surge of 43.8% in its net profit for March 2024 quarter. HDFC AMC declared its profit soared to Rs 541 crore for the quarter ended March 2024 as against Rs 376.17 crore in the corresponding quarter of last year. Its consolidated revenue for the quarter under consideration jumped by 28.55% to Rs 695 crore as against Rs 540.9 crore (year-on-year).

HDFC AMC Dividend History: HDFC Asset Management Company declared 6 dividends since March 6, 2019. In the past 12 months, HDFC Asset Management Company announced an equity dividend amounting to Rs 48.00 per share. At the current share price of Rs 3459.95, HDFC Asset Management Company offers a dividend yield of 1.39%.

HDFC AMC Share Performance: The 52-week high price of HDFC AMC share on BSE is Rs 4184.35 per share (as on 03/06/2024) and 52-week low price is Rs 1886.00 per share (as on 19/06/2023), respectively. Its market capitalisation stood at Rs 73,864.40 crore. HDFC AMC shares declined 10% in last 3-months, soared 17% in last 6-months, gained 86% in last 2-years, and surged 90% in last 5-years.

About: HDFC Asset Management Company Ltd (AMC) was incorporated under the Companies Act, 1956, on December 10, 1999, and was approved to act as an Asset Management Company for the HDFC Mutual Fund by SEBI vide its letter dated July 3, 2000. In terms of the Investment Management Agreement, the Trustee has appointed the HDFC Asset Management Company Limited to manage the Mutual Fund, according to its official website.

Disclaimer: The stock has been picked from the brokerage report of Nuvama Professional Clients Group and JP Morgan. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.