Buy HDFC AMC, target price Rs 2600: IIFL

IIFL has given a buy rating to HDFC Asset Management Company with a target price of Rs 2600. The share price moved up by 0.46 per cent from its previous close of Rs 2512.70. The stock’s last traded price is Rs 2524.30.

HDFC Asset Management Company Ltd., incorporated in the year 1999, is a Large Cap company (having a market cap of Rs 53511.26 Crore) operating in Financial Services sector.

Financials
For the quarter ended 30-09-2020, the company reported a Standalone sales of Rs 456.25 Crore, up 10.88 % from last quarter Sales of Rs 411.49 Crore and down 8.38 % from last year same quarter Sales of Rs 498.00 Crore Company reported net profit after tax of Rs 338.06 Crore in latest quarter.

Investment Rationale
Stock has given a bullish flag pattern breakout on the daily chart.