UTI AMC in limelight

UTI AMC is the top gainer on the BSE; the stock opened 2.5% higher at Rs.768 and rose to an intraday high at Rs.888, up 18.5%, just a tad away from its 20% UC of Rs.899.20.

The stock is up on unconfirmed reports doing the rounds that Tata Mutual Fund has initiated talks with public sector banks to increase its stake in UTI AMC.

Tata MF currently owns a 2.62% stake in UTI AMC and the largest shareholder is T. Rowe Price with a 22.97% stake as of the June quarter.

Some other mutual funds which hold a stake are Mirae MF at 4.65%, Invesco MF at 1.81%, ICICI Prudential MF at 1.47% and HDFC MF at 1.14%.

UTI AMC is yet to confirm or refute this news.