Shares of HDFC Asset Management Company (AMC) extended its gains for the third consecutive day to hit an all-time high of Rs 2,147 apiece on NSE.
On Tuesday, the company reported a 42 percent jump in its June-ended quarter net profit to Rs 291.79 crore when compared to Rs 205.26 crore a year ago. HDFC Bank's total income rose to Rs 552.75 crore in the April-June period as against Rs 501.19 crore a year ago.
The stock gained 3.08 percent on the day of the results and closed 4.12 percent higher on Wednesday. On Thursday morning, the rally continued to beat the previous record high (that it saw on Wednesday) and gained 3.5 percent to touch a price of Rs 2,147 per share.
Brokerages gave positive reviews on HDFC AMC's stock following the Q1 results. Foreign brokerage Morgan Stanley maintained an 'overweight' view on the stock and raised its price target from Rs 2,000 to Rs 2,300, due to net profit results being ahead of estimates and operating profit margin expansion in recent quarters.
BofAML (Bank of America Merill Lynch) raised its price target on the stock to Rs 2,200 from Rs 1,850 and maintained a 'buy' recommendation. It attributed the revision in target price to strong June quarter results on margin improvement.