I sold the HDFC Asset Management Company (AMC) stock on the very first day with a gain of nearly 55%. The market was on an upswing and I wanted to cash in on the listing gain,” says Venkatesh Venkatram, a marketing professional. Like Venkatram, several IPO investors made handsome gains on August 6, the day HDFC AMC listed. After listing at 59% premium from its issue price of Rs.1,100, the stock further surged to Rs.1,844 on the same day. Post the stellar debut, the asset manager commanded a market cap of Rs.375 billion.
When You Are A Contrarian
HDFC AMC is a market favourite but, with falling market-share and profitability, can it justify its high valuation?
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