HDFC AMC shares rise over 1 pc
Shares of HDFC Asset Management Company on Wednesday gained over one per cent after the firm received a repayment of Rs 167 crore from Essel Group.
New Delhi: Shares of HDFC Asset Management Company on Wednesday gained over one per cent after the firm received a repayment of Rs 167 crore from Essel Group.
Further, the world's biggest index compiler MSCI had announced earlier this month that HDFC AMC would be included in its India index.
The changes were effective at the close of November 26, according to the index provider.
On the BSE, the stock touched an intra-day high of Rs 3,688.20, up 2.63 per cent. Later on, it settled 1.35 per cent higher at Rs 3,642.15.
During the day, the scrip rose 3.1 per cent to Rs 3,690 and closed 1.51 per cent up at Rs 3,633 on the National Stock Exchange (NSE).
In terms of traded volume, over 6.5 lakh shares were traded on the NSE, while BSE witnessed a trading of 49,000 shares.
The company's market capitalisation saw an increase of over Rs 1,000 crore to Rs 77,442.65 crore.
HDFC AMC on Tuesday said the company holds Essel Group's certain non-convertible debentures (NCDs) that are secured by a pledge of listed equity shares. The carrying value of these NCDs as on September 30 was Rs 275.63 crore.
"The company has received a total of Rs 166.86 crore towards part repayment of the said NCDs and interest thereon, from the issuer through sale of certain listed equity shares comprising part of the collateral. The value of the residual pledged listed equity shares as at November 25, 2019 is Rs 143.95 crore," the fund house told the stock exchanges.