UTI AMC zooms up

UTI AMC is among the top three gainers on the BSE currently, rising 15.5% to hit an intraday high at Rs.890.30. Its 52-week high stands at Rs.1109.40.

The stock is up on unconfirmed reports that the Tata Group is in talks to buy majority stake in the company from public sector undertaking (PSU) finance entities.

The stock price has been up ever since Punjab National Bank announced last month that it plans to divest its 15.22% holdings in the asset manager.

Apart from PNB, Bank of Baroda, State Bank of India and Life Insurance Corporation of India hold 9.98% each. T.Rowe Price International holds another 22.97%.

UTI AMC got listed on the bourses on 12th Oct,2020 at an IPO price of Rs.554 per share.