Life Insurance Corporation of India (LIC) has increased its stake in HDFC Asset Management Company (AMC). After this decision, the buying of HDFC AMC stock increased on Friday.
How far the share price reached: The share price of HDFC AMC rose by Rs 129.10 or 6.02 per cent to Rs 2275.25 on the BSE index. September 9, 2021 HDFC AMC’s share price went up to Rs 3,363, which is a 52-week high. The market capital of the company is Rs 48,525 crore.
LIC increased stake: LIC has increased its stake in HDFC AMC. LIC has increased its stake to 7.026 per cent from 5.005 per cent earlier. Talking about the share, LIC has increased its stake to 14,984,224 equity shares. Till now the holding was 10,674,583 equity shares.
Explain that in the December quarter of the last financial year, HDFC Asset Management Company’s profit had declined by 2.58 per cent. The profit stood at Rs 359.75 crore.