Shares of Aditya Birla Sun Life Asset Management Company rose about 3 percent after Citi initiated coverage with a ‘buy’ call and a target price of Rs 515, which implies a close to 30 percent gain from the current level.
The stock, however, was unable to hold on to initial gains and slipped into the negative territory. At 11:55 IST, shares of the AMC were up 0.4 percent at Rs 399.6 on the BSE.
Also Read |
The AMC is amongst the leading asset management companies in fixed income with over 10.5 percent market share, the brokerage firm highlighted.
Aditya Birla Sun Life AMC has the potential to gain market share in the equity business by improving investment performance, Citi said. The Birla group parentage gives Aditya Birla Sun Life AMC a strong brand and greater scope to cross-sell, it added.
At 20 times FY23 P/E (price to earnings), the stock appears more attractive than HDFC AMC's 30 times, the brokerage firm pointed out.
In a separate development, reports said that Aditya Birla Sun Life AMC and global real estate investment management advisor BentallGreenOak are planning to raise around Rs 1,000 crore through their joint platform for structured credit investments in India.
The fund including a green-shoe option worth up to Rs 250 crore will be investing in real estate projects in key property markets including metro cities, an Economic Times report said.
First Published: Jun 23, 2022 12:30 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha elections: 4th phase sees over 68% voter participation, West Bengal leads with 76% turnout
May 14, 2024 1:47 AM
Lok Sabha elections phase 4 witnesses around 63% voter turnout, experts weigh in on key contests
May 14, 2024 12:06 AM
Lok Sabha Election 2024: Shiv Sena UBT’s Arvind Sawant highlights Uddhav Thackeray's vision for Mumbai’s progress
May 13, 2024 9:21 PM
Exclusive interview: 'Southern states will be a big surprise,' says PM Modi
May 13, 2024 9:05 PM