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<ul><li>The pain in the mutual fund companies’ finances is reflected in the latest corporate earnings of some mutual fund companies.</li><li>Among the top mutual fund companies Aditya Birla Sun Life AMC reported a 13% on- year decline in net profit to ₹136 crore from ₹156 crore last year.</li><li>For <keyword id="174045" type="General" weightage="20" keywordseo="HDFC-AMC" source="Orion">HDFC AMC</keyword>, on a sequential basis, its profit rose by a marginal 2% to ₹376 crore in March quarter from ₹369 crore in the previous quarter.</li><li>Government’s changes in <a href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">debt funds tax structure</a>, rising competition and stricter norms on tax expense ratios (TER) are some triggers that have impacted the mutual fund companies.</li><li>As a result, shares of all the listed asset management companies have been in the red so far in 2023 underperforming the broader market.</li></ul>The year 2023 has not been kind to asset management companies listed on Indian stock exchanges. They have been battered 20-32% so far this year as several stricter regulatory norms hit their profit avenues. Government’s changes in <a href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">debt funds tax structure</a>, rising competition and stricter norms on tax expense ratios (TER) are some triggers that have impacted the mutual fund companies. The pain is visible in the latest corporate earnings of some mutual fund companies. Among the top mutual fund companies Aditya Birla Sun Life AMC reported a 13% on-year decline in net profit to ₹136 crore from ₹156 crore last year. “While we are constructive on Aditya Birla Sun Life AMC’s strong and diversified distribution network, given rising competitive intensity, we believe yields will plummet faster than assets under management (AUM) growth, posing a high risk to earnings from negative operating leverage,” said analysts at HDFC Securities. The brokerage house downgraded the rating on the company’s stock to ‘Add’ from ‘Buy’. As a result, shares of Aditya Birla Sun Life AMC have been the top loser among its peers, slipping 21% in 2023 so far. Rival HDFC Asset Management Company posted a sequential 2% rise in profit to ₹376 crore in the March quarter while its revenue fell 3% to ₹541 crore. However, in the case of HDFC AMC, analysts feel that the impact of the total expense ratio (TER) changes on the company’s stock may be limited due to strong AUM growth and potential benefits from its HDFC Bank parentage. Housing Development Finance Corporation (HDFC) is the parent company of HDFC AMC that is expected to complete its merger with HDFC Bank by <a href="https://economictimes.indiatimes.com/wealth/borrow/hdfc-hdfc-bank-merger-how-will-it-impact-hdfc-home-loan-borrowers-will-home-loan-interest-rates-go-down/articleshow/99978517.cms">July this year as per reports. </a> “While we remain watchful of the proposed changes in the TER structure and HDFC AMC’s stock has corrected by c.9% over the last 3 months on fears regarding the changes, we expect the impact to be limited and current valuations (20x FY25 EPS) adequately factor in the expected cut in earnings. HDFC AMC is our top pick in the space and the stock can see a meaningful rerating in the near to medium term driven by robust AUM growth and potential benefits from HDFC Bank parentage,” said analysts at JM Financial. On the other hand, <keyword id="193636" type="General" weightage="20" keywordseo="uti-amc" source="Orion">UTI AMC</keyword>’s profit grew strongly to ₹86 crore in March quarter from ₹60 crore in the previous quarter and ₹54 crore during the same period last year. However, Nippon Life Asset Management’s profits were flat sequentially at ₹198.96 crore while revenue from operations fell nearly 2% at ₹325 crore. As a result, shares of all the listed asset management companies have been in the red so far in 2023 underperforming the market. The benchmark Sensex is up almost 1% so far this year. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asset management companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Share price gains/losses in last 5 days </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Share price gains/losses YTD </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla Sun Life AMC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-21% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UTI AMC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.34% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nippon Life India AMC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.02% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC AMC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.50% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-17% </td></tr></tbody><tbody></tbody></table>Source: NSE Fall in average ticket size of retail investors show signs of weakness While mutual funds are popular among investors, the average ticket size of retail investors has dropped nearly 3% to ₹68,321 in March 2023 from ₹70,199 last year, according to data from the Association of Mutual Funds in India (AMFI). The amendment in the Finance Bill that proposed to do away with <a href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">long-term capital gains tax benefits on debt investments</a> was the latest trigger that impacted the mutual fund companies. As per the proposed changes in the Finance Bill, investors in debt funds will have to pay tax according to their income slabs. Investors had so far benefited from indexation while calculating long-term capital gains from debt funds but this will now longer be available effective 1 April. Adding to it, as per reports, the Securities and Exchange Board of India (SEBI) is considering taking action against big fund houses that charge very high expense ratios from their customers. Currently as per SEBI’s rules, mutual funds can charge a total expense ratio (TER) of up to 2.25%, if the AUM reaches ₹500 crore. However, the regulator might now reduce this expense amount to benefit investors. Also, since distributors earn more commission by selling new funds, there are cases of mis-selling. Hence to protect investor interest, the regulator is looking to <a href="https://economictimes.indiatimes.com/opinion/et-editorial/make-mf-schemes-more-affordable/articleshow/98485116.cms?from=mdr">bring a uniform expense ratio </a>for mutual fund schemes. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fpis-pump-9677-crore-into-financial-services-and-auto-stocks-in-april/articleshow/100100496.cms">FPIs pump ₹9,677 crore into financial services and auto stocks in April</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/fy23-scorecard-tvs-motor-fares-better-than-bajaj-auto-hero-motocorp-on-profits-and-margins/articleshow/100082560.cms">FY23 Scorecard: TVS Motor fares better than Bajaj Auto, Hero MotoCorp on profits and margins</a>

Mutual fund company stocks bleed this year, thanks to tax hit on debt funds and strict expense ratio norms

<ul><li>The shares of <keyword id="193636" type="CITY" weightage="20" keywordseo="UTI-AMC">UTI AMC</keyword>, listed at ₹490.25, which is at a 11.5% discount to the IPO price band set at ₹552 -554 per share. </li><li>However, within minutes after listing, the shares of UTI AMC gained nearly 5.17% of their value and were trading at ₹515.60 apiece at 10:10 am. </li><li>The investor pessimism for ₹2,160 crore IPO of UTI AMC already reflected in the subscription number ahead of the listing— the UTI AMC issue was subscribed 2.21 times on the last day of bidding. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>It was a tepid debut for the ₹2,160 crore IPO of the mutual fund manager, UTI Asset Management Company (AMC) on the bourses today. The stock, listed at ₹490.25, which is at a 11.5% discount to the IPO price band set at ₹552 -554 per share. Within minutes after listing, the shares of UTI AMC gained nearly 5.17% of their value and were trading at ₹515.60 apiece at 10:10 am. The total market cap of UTI AMC rose to ₹6,605.62 crore at 10:10 am. A total traded quantity of 3.09 lakh shares changed hands on BSE, amounting to a turnover of ₹15.74 crore. The company will trade with the symbol of ‘UTIAMC’ on the Indian stock exchanges. Why did it fail to garner investors’ interest? The investor pessimism for ₹2,160 crore IPO of UTI AMC already reflected in the subscription number ahead of the listing— the company received the lowest number of subscriptions compared to its other IPO peers Mazagon Dock and Likhitha Infrastructure. The UTI AMC issue was subscribed 2.21 times on the last day of bidding. Most of the brokerage reports highlighted various vital factors that may impact its business in the near future. According to HDFC Securities report, UTI AMC has a huge reliance on big clients and underperformance by any of these funds may have a disproportionate adverse impact on AUM and thereby income. As of June 30, 2020, UTI AMCs top six active equity funds constituted 75.3% of total Quarterly Average Assets Under Management (QAAUM) of active equity funds while top five passive equity funds constituted 98.7% of total QAAUM of passive equity funds. UTI AMC has only four liquid and money market funds, the report highlighted. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-vedanta-wipro-rites-mazagon-dock-uti-amc-glenmark-pharma-and-others/articleshow/78612041.cms">Top stocks to watch — Vedanta, Wipro, RITES, Mazagon Dock, UTI AMC, Glenmark Pharma, and others</a> <a href="https://www.businessinsider.in/science/space/news/china-launches-earth-observation-satellite-amid-border-tensions-with-india/articleshow/78613147.cms">China launches Earth observation satellite amid border tensions with India</a>

Tepid debut for UTI AMC—shares list at 12% discount over the issue price

<ul class="summary-list"><li>GameStop and AMC Entertainment extended their gains on Tuesday to more than 100%.</li><li>The return of the meme stock surge was sparked by a tweet from Keith Gill AKA Roaring Kitty.</li></ul>What began with <a href="https://markets.businessinsider.com/news/stocks/gamestop-stock-price-gain-biggest-sice-2021-roaring-kitty-return-2024-5">a Sunday evening tweet from Keith Gill</a>, AKA Roaring Kitty, has materialized into a massive short-squeeze rally that has taken shares of <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> and <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC Entertainment</a> up 74% and 78% on Monday alone. Those gains increased sharply on Tuesday as momentum continued to build around the meme stock trades. Before the opening bell, shares of GameStop and AMC soared as much as 158% and 132%, respectively.The rallies have pushed a massive short-squeeze in the stocks, not unlike the 2021 rally that caught Wall Street short sellers off guard and <a href="https://markets.businessinsider.com/news/funds/gamestop-short-squeeze-gabe-plotkin-melvin-capital-new-short-fund-2022-4">sank a prominent hedge fund</a>.The percent of the share float sold short was 24% for GameStop and 18% for AMC, according to the most recent data. "All this feels like an echo of early 2021, when this account helped fuel a vicious short squeeze in GameStop," DataTrek co-founder Nicholas Colas said in a Tuesday note. "If you are short a stock that is up 47 percent at the open (as GME was this morning), your only choice is to close out the position regardless of the price. Prudent risk management demands it. The most a stock can drop is 100 percent, but it can go up multiples of that," Colas said.The stocks ultimately did prove to be great short bets after their initial 2021 short-squeeze rallies, with both companies seeing a deterioration in their underlying fundamentals as video game sales shifted to digital and the box office struggled to return to its pre-pandemic levels of movie ticket sales. Both stocks were down about 90% from their respective 2021 peaks, but now GameStop stock is trading at its highest level since late 2021, while AMC is trading at levels it last saw in October 2023.Other stocks with high short interest that are surging on Tuesday include <a href="https://markets.businessinsider.com/stocks/spwr-stock">SunPower</a> and <a href="https://markets.businessinsider.com/stocks/bb-stock">BlackBerry</a>.

Meme stocks extend short-squeeze rally to massive 100%+ gains with GameStop and AMC leading the way

<ul><li>The SGX Nifty was trading 0.48% higher at 7:55 am, indicating a higher start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst positive cues from the Asian markets, the Indian stock market is likely to open in green. The SGX Nifty was trading 0.48% higher at 7:55 am, indicating a positive start for Nifty50. Other Asian markets were also trading in green— Hang Seng Index was up 1.34%, Australian Securities Exchange, ASX 200 was also up 0.17%. These are the stocks to watch out for during the trading session on October 12: Vedanta Vedanta on Sunday informed stock-exchanges that its buyback offer is deemed to have failed as per the terms of the delisting regulations after promoter Vedanta Resources did not receive the required number of shares to delist the firm. The shares of Vedanta closed 2% higher on Friday. Glenmark Pharmaceuticals Glenmark Pharmaceuticals on Friday said that its Umifenovir did not show superior clinical outcomes when added to Favipiravir treatment for moderate coronavirus. The shares of Glenmark Pharmaceuticals closed 2% lower on Friday. Indiabulls Housing Finance The Gurugram-headquartered mortgage lender, Indiabulls Housing Finance has raised about ₹441 crore by further selling a portion of its stake in OakNorth Holding to a US-based Riva Capital Partners V LP. The shares of Indiabulls Housing Finance closed 5% higher on Friday. Dr Lal PathLabs Dr Lal PathLabs clarified that the data breach of its patients occurred after a misconfiguration in one of its minor web applications where temporary records were stored for operational purposes, and took place at a facility managed by a third party. “It involved less than 0.5% of our records and has been successfully resolved since,” the company said. The shares of Dr Lal PathLabs closed 5% lower on Friday. RITES The engineering consultancy company, RITES has secured ₹103 crore order from project management consultancies for the construction of various buildings at IIT Delhi and for study of Multi Modal Integration Planning for Surat Metro, among others. The shares of RITES closed 0.22% higher on Friday. Premier Explosives The explosives manufacturing company, Premier Explosives said it has bagged ₹82.83 crore order from a state-run Singareni Collieries Company in Telangana for the supply of SMS/SME explosives and accessories. The shares of Premier Explosives closed 5% higher on Friday. Karnataka Bank The state-owned Karnataka Bank on Friday declared its exposure of ₹107.99 crore to Sintex Industries (SIL) as fraud. The shares of Karnataka Bank closed 2.4% higher on Friday. Mazagon Dock Shipbuilders and UTI AMC The shares of Mazagon Dock Shipbuilders and UTI AMC will list on the bourses today at 10:00 am. Mazagon Dock Shipbuilders is expected to witness a bumper listing, with grey market premium floating around ₹95-₹100. Meanwhile, UTI AMC may not see much excitement from investors, as per the current grey market premium. UTI AMC is likely to list at a <a href="https://www.ipowatch.in/2019/12/uti-amc-ipo-gmp-grey-market-premium-kostak-rates-subject-to-sauda-today.html">‘discounted’ </a>price. Wipro Watch out for Wipro ahead of its earnings and buyback announcement due tomorrow. Shalby and GNA Axles Shalby and GNA Axles are slated to report their second quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/india/news/gst-council-to-discuss-compensation-issue-for-third-time-in-a-row-on-monday/articleshow/78605574.cms" data-type="tilCustomLink">GST Council meet yet again — to discuss compensation issue for the third time today</a> <a href="https://www.businessinsider.in/business/auto/news/delhi-government-exempts-road-tax-on-battery-operated-vehicles-under-its-ev-policy/articleshow/78605311.cms" data-type="tilCustomLink">Delhi government exempts road tax on battery-operated vehicles under its EV policy</a>

Top stocks to watch — Vedanta, Wipro, RITES, Mazagon Dock, UTI AMC, Glenmark Pharma, and others

<ul><li>At 7:49 am, the SGX Nifty was trading 0.19% higher, indicating a positive start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amid the mixed cues from the global market, the Indian stock market is likely to open on a cautious note. At 7:49 am, the SGX Nifty was trading up 0.31%, indicating a green start for Nifty50. The US stocks ended the Tuesday lower as investors awaited further stimulus. The Dow Jones Industrial Average closed 0.48% lower; whereas the S&amp;P 500 was down 16 points on Tuesday. The picture across Asia this morning is positive on the back of encouraging PMI data. These are the stocks to watch out for during the trading session on September 30: HDFC National Company Law Tribunal, Mumbai, has sanctioned the scheme of amalgamation for the merger of HDFC ERGO Health Insurance into HDFC ERGO. The shares of HDFC ended 2% higher yesterday. Future Enterprises Kishore Biyani-led Future Group company, Future Enterprises, reported a fresh default on interest payment of non-convertible debentures (NCDs) on Tuesday. In a stock-exchange filing, the company said it had defaulted on interest payment of ₹16.11 crore for a gross principal amount of ₹332 crore. This is the third default in at least one month. This may also move other Future Group stocks such as— Future Retail, Future Lifestyle Fashion, Future Consumer Limited, among others. The shares of Future Enterprises ended 5% higher yesterday. Indiabulls Housing Finance One of the leading private sector mortgage lenders, Indiabulls Housing Finance, raised another ₹630 crore by selling a part of its stake in UK-based bank Oak North to Toscafund Asset Management. The shares of Indiabulls Housing Finance ended 2.2% lower yesterday. PVR Limited The board of cinema giant PVR will meet on October 5 to consider the proposal of raising funds via non-convertible debentures. The shares of PVR Limited ended 2.2% lower yesterday. Vodafone Idea Vodafone Idea will seek shareholders’ approval to raise the borrowing limit to ₹1 lakh crore at the annual general meeting (AGM) today. The shares of Vodafone Idea ended 6% lower yesterday. Welspun Corp Welspun Corp has received multiple orders worth nearly ₹1,400 crore. Currently, the company’s total order book is valued at approximately ₹6,300 crore. The shares of Welspun Corp ended 2% higher yesterday. VA Tech Wabag VA Tech Wabag has approved the allotment of 75 lakh equity shares at ₹160 per equity share aggregating to ₹120 crore by way of the preferential issue to Rekha Rakesh Jhunjhunwala, Basera Home Finance, Sushma Anand Jain, and Anand Jaikumar Jain. The shares of VA Tech Wabag ended 0.16% higher yesterday. Mazagon Dock, UTI AMC and Likhitha Infrastructure IPO Today will be day two for Mazagon Dock, UTI AMC and Likhitha Infrastructure IPO. The bid for IPO will remain open until October 1. SEE ALSO: <a href="https://www.businessinsider.in/india/news/amnesty-international-shuts-down-its-india-operations-citing-constant-harassment-from-the-indian-government/articleshow/78380428.cms" data-type="tilCustomLink">Amnesty International shuts down its India operations citing ‘constant harassment’ from the Indian government</a> <a href="https://www.businessinsider.in/science/space/news/after-the-moon-mars-is-getting-laser-reflecting-mirror-to-help-future-landings-on-the-red-planet/articleshow/78385935.cms" data-type="tilCustomLink">After the Moon, Mars is getting laser-reflecting mirror to help future landings on the Red Planet</a>

Top stocks to watch— Future Retail, HDFC, Indiabulls Housing, Vodafone Idea, PVR, Welspun Corp and others

<ul><li>Shares of <keyword id="10942493" type="General" weightage="20" keywordseo="aditya-birla-sun-life-amc-ipo" source="Orion">Aditya Birla Sun Life AMC IPO</keyword> got listed at 2% premium from its price band of ₹695-712 per share.</li><li>The IPO was subscribed 5.25 times on the last day of the bidding.</li><li>The market capitalisation of the company stood at ₹20,505 crore.</li></ul>Shares of Aditya Birla Sun Life AMC IPO made a weak listing on stock exchanges as it debuted with 2% premium from its price band of ₹695-712 per share. Post listing, the market capitalisation of the company stood at ₹20,505 crore, according to BSE data. The shares of Aditya Birla Sun Life AMC were trading at ₹576.95, 1.37% higher at 10.01 a.m., on October 11. The grey market price of the stock had also suggested a little of almost 4% premium over the upper price band of ₹712 . The IPO received a decent response from investors on the last day of the initial public offering (IPO) bidding process as the issue size was subscribed 5.25 times on the last day. It received bids for 14.59 crore shares as against 2.77 crore shares on offer. The issue was open for subscription between September 29 and October 1. The mutual fund company was looking to raise ₹2,768 crore. The IPO proceeds will go to promoters since the company is a joint venture between Aditya Birla Capital and Canadian firm Sun Life AMC. Both the promoters will jointly sell a 13.5% stake in the company through the IPO. Further, analysts <a href="https://www.businessinsider.in/stock-market/news/aditya-birla-sun-life-amc-ipo-opens-today-and-analysts-bullish-on-the-growing-mutual-fund-industry/articleshow/86590770.cms">expect </a>the mutual industry’s assets under management (AUM) to grow by 11-13% in the next five years to ₹57 trillion and Aditya Birla Sun Life AMC to benefit from strong industry prospects given it is among the top five players in the country. The mutual fund company is the fourth fund house to get listed on exchanges. So far, HDFC AMC, Nippon Life India AMC and UTI AMC are listed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indian-government-assures-sufficient-fuel-supplies-to-power-plants-amid-blackout-concerns-in-delhi/articleshow/86913187.cms">Indian government assures sufficient fuel supplies to power plants amid blackout concerns in Delhi</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/opinion-rbi-sticks-to-its-stated-trajectory-but-stands-ready-to-act/articleshow/86908652.cms">OPINION: RBI sticks to its stated trajectory but stands ready to act</a>

Shares of Aditya Birla Sun Life AMC sees a tepid listing, opens at 2% premium

<ul><li>The basis of allotment for ₹2,160 crore <keyword id="7036233" type="UNKNOWN" weightage="20" keywordseo="UTI-AMC-IPO">UTI AMC IPO</keyword> will be announced on October 7, and listing is scheduled for October 12. </li><li>The UTI AMC issue was subscribed 2.21 times on the last day of bidding.</li><li>Here’s how to check UTI AMC IPO allotment status on NSE, BSE, and the registrar website.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>The ₹2,160 crore IPO of the mutual fund manager, UTI Asset Management Company (AMC), received a tepid response from the investors. The UTI AMC issue was subscribed 2.21 times on the last day of bidding, which is much lesser than its other IPO peers— Mazagon Dock Shipbuilders and Likhitha Infrastructure Limited. According to the stock-exchange data, the UTI AMC issue received bids for 5.92 crore equity shares against the offered size of 2.73 crore equity shares. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UTI Asset Management IPO </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyer </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Individual Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employee </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offer size </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,757,416 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,818,062 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13,575,479 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">200,000 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">27,350,957 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of times issue subscribed </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.34x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.93x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.13x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.16x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.21x </td></tr></tbody></table> The basis of allotment for ₹2,160 crore UTI AMC IPO will be announced on October 7, and listing is scheduled for October 12. Here’s how to check UTI AMC IPO allotment status: If you have bid for the UTI AMC IPO, you can check your allotment status by following these simple steps: To check on the stock-exchange website: <ul><li>To check the UTI AMC IPO allotment status, go to the<a href="https://www.bseindia.com/investors/appli_check.aspx"> BSE website</a> or <a href="https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp">NSE website</a>.</li><li>On BSE, Select ‘Equity’ and then from the dropdown, select ‘UTI Asset Management Company.’ </li><li>Now, enter your application number and PAN.</li><li>Hit ‘Search’.</li></ul>Please note the details will only be available once the shares are allotted. You can also visit the Registrar website (KFintech Private Limited) to check your application status. <ul><li>Visit the registrar’s website <a href="https://ris.kfintech.com/ipostatus/">here</a>.</li><li>Click on ‘Select company’ and click on ‘UTI Asset Management Company-IPO.’ It will only appear post allotment on October 7.</li><li>Once the company is selected, you will have to enter either your PAN detail, the application number, or client ID.</li><li>Enter the captcha and click ‘submit.’ </li></ul>Your application status will appear on the screen once you click ‘submit.’ Please make sure the details you provide are correct. It will show the number of shares you subscribed to and the number of shares allotted to you. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mazagon-dock-shipbuilders-ipo-share-allotment-status/articleshow/78474515.cms" data-type="tilCustomLink">Mazagon Dock Shipbuilders IPO allotment: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/stock-market/news/mazagon-dock-ipo-uti-amc-ipo-likhitha-infrastructure-ipo-mazagon-dock-stock-price-uti-amc-stock-price-likhitha-infrastructure-stock-price/articleshow/78428535.cms" data-type="tilCustomLink">Mazagon Dock IPO shines while UTI AMC and Likhitha Infrastructure clock in a tepid response from investors</a>

UTI AMC IPO allotment: Here’s how to check share allotment status

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<ul><li>Shares of <keyword id="11937112" type="UNKNOWN" weightage="60" keywordseo="gamestop" source="Orion">GameStop</keyword> and <keyword id="11915971" type="UNKNOWN" weightage="60" keywordseo="amc-entertainment" source="Orion">AMC Entertainment</keyword> plunged as much as 15% during Monday trades.</li><li>The meme-stock favorites have both experienced wild volatility this year after big short-squeezes.</li><li>Both GameStop and <keyword id="11911241" type="UNKNOWN" weightage="60" keywordseo="amc" source="Orion">AMC</keyword> are experiencing a deterioration in technical support levels that signals more downside ahead.</li></ul>Meme-stock favorites <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> and <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC Entertainment</a> plunged about 15% on Monday as both stocks faced a deterioration in technical support levels.GameStop and AMC Entertainment became heavily owned by retail investors this year after big short-squeezes sent shares to sky-high prices of about $450 and $72, respectively. But as the dust settles from those big price moves, investors are forced to reckon with underlying company fundamentals that remain bleak.More gamers are buying online or digitally downloading their games, removing the need to visit a physical video-game retailer like GameStop. Meanwhile, the prevalence of streaming content has led to a secular decline in movie theater attendance at chains like AMC.Prior to the COVID-19 pandemic, the annual domestic box office generated about $12 billion in ticket sales. That number sank to about $2 billion in 2020, and is on track to hit about $4 billion in sales this year. That's a decline of about 70%, and yet AMC still trades at its highest valuation in years, at about $14 billion.While investors in both companies are well aware of the worsening trends behind video-game retailers and cinema operators, they now have to also contend with deteriorating technicals.GameStop plunged below its key horizontal support level of $150 on Monday, after falling below its 50- and 200-day moving averages last week. Now, a "death cross" in the stock appears imminent.<div type="image" title="GameStop stock price" height="413" width="684" msid="88265029" hostid="261"></div>A death cross occurs when the shorter-term 50-day moving average of a stock crosses below the longer-term 200-day moving average. The signal is widely followed by technical analysts and traders. The lagging crossover indicator can help alert traders to securities that are solidifying their downtrend and are likely to experience a continuation, resulting in lower prices.Meanwhile, AMC broke below its key horizontal support level of $30 last week, along with its 50- and 200-day moving averages. Both of AMC's moving averages are converging with a downward slope, suggesting a death cross can occur later this month if the stock doesn't quickly recover from its recent sell-off.<div type="image" title="AMC stock price" height="412" width="693" msid="88265030" hostid="261"></div>Not helping GameStop's stock price was <a href="https://markets.businessinsider.com/news/stocks/gamestop-shares-drop-q3-earnings-sec-subpoena-2021-12">a lackluster earnings report last week,</a> which revealed larger-than-expected losses and a subpoena from the SEC. Meanwhile, AMC investors are still reeling from insider sales from its CEO and CFO, as well as the CEO's rejection of a <a href="https://markets.businessinsider.com/news/stocks/amc-stock-price-decline-insider-sales-ceo-rejects-nft-dividend-2021-12">shareholder idea to issue an NFT dividend.</a>Despite both stocks being down about 60% from their record highs, GameStop is up 645% year-to-date and AMC is up 1,004%.

Meme-stock favorites GameStop and AMC plunge 15% as key technical support fails and shares approach death cross

IndiGo, SpiceJet, HDFC AMC, Future Group and other top stocks to watch out for on September 29

<ul><li>At 7:49 am, the SGX Nifty was trading 0.19% higher, indicating a positive start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amid the positive cues from the global market, the Indian stock market is likely to open higher. At 7:49 am, the SGX Nifty was trading up 0.19%, indicating a green start for Nifty50. US stocks also closed broadly higher on Wall Street as the market clawed back some of its sharp losses from September. The Dow Jones Industrial Average ended 1.5% higher; whereas the S&amp;P 500 rose 53.14 points on Monday. These are the stocks to watch out for during the trading session on September 29: Infosys EdgeVerve Systems, a wholly-owned subsidiary of Infosys, recently signed a partnership with Minit, a leader in process mining, to help clients accelerate process excellence. The company said it would jointly create a solution that will empower enterprises with superior insights for business transformation, leading to better operational efficiency and enhanced business results. The shares of Infosys ended 1% lower yesterday. Balaji Telefilms The board of Balaji Telefilms has approved the liquidation of its subsidiary Chhayabani Balaji Entertainment. The shares of Balaji Telefilms ended 1.2% higher yesterday. Central Bank of India The board of the Central bank of India at its meeting approved the allotment of 16 crore equity shares to qualified institutional buyers (QIB) at an issue price of ₹15.38 per share aggregating up to ₹254.99 crore. The shares of the Central Bank of India ended 1.2% lower yesterday. Shalby Ltd The Board of Shalby has approved to reduce promoters’ shareholding in the company to 75% from the current level of 79.45%. The company will issue equity shares and convertible securities up to ₹ 117.02 crore The shares of Shalby ended 1% lower yesterday. Anuh Pharma Anuh Pharma has received approval from the World Health Organization— Geneva Prequalification for Pyrimethamine API, which is used as antimalarial drugs. The shares of Anuh Pharma ended 5% higher yesterday. DHFL DHFL transaction auditor Grant Thornton flagged fraudulent transactions worth ₹12,705.53 crore took place at debt-ridden mortgage firm DHFL during FY17 to FY19. The shares of DHFL ended 1.16% higher yesterday. Vedanta Vedanta's reverse book building for delisting starts on October 5. The bid will remain open until October 9, the company said. Also, Vedanta’s board is slated to meet on October 3 to consider financial results for June quarter. The shares of Vedanta ended 2% higher yesterday. UTI AMC, Mazagon Dock and Likhitha Infrastructure The IPO for UTI AMC, Mazagon Dock, and Likhitha Infrastructure will open today for subscription. The issue will remain open until October 1. SEE ALSO:<a href="https://www.businessinsider.in/science/space/news/elon-musks-spacex-will-launch-another-60-starlink-internet-satellites-into-earths-orbit-tonight/articleshow/78366364.cms" data-type="tilCustomLink"> Elon Musk's SpaceX will launch another 60 Starlink internet satellites into Earth’s orbit tonight</a> <a href="https://www.businessinsider.in/finance/news/rbi-postpones-monetary-policy-meeting-new-dates-to-be-announced-soon/articleshow/78361698.cms" data-type="tilCustomLink">RBI postpones Monetary Policy meeting as the hunt for three new MPC members continues</a>

Top stocks to watch— Infosys, Central Bank of India, DHFL, Anuh Pharma, Shalby, Balaji Telefilms and others

<a href="https://markets.businessinsider.com/stocks/amc-stock"></a><ul class="summary-list"><li><keyword id="9539779" type="UNKNOWN" weightage="60" keywordseo="amc-stock">AMC stock</keyword> "does not reflect fundamental value," according to Loop Capital Market's Alan Gould.</li><li>Gould says the theatre business has been in secular decline for more than two decades.</li><li>The analyst reiterated his "sell" rating and $1 price target on shares of <keyword id="6358378" type="ORGANIZATION" weightage="60" keywordseo="amc">AMC</keyword>.</li></ul><a href="https://markets.businessinsider.com/stocks/amc-stock">AMC</a> stock is worth just $1 per share if valued on a fundamental basis, according to Loop Capital Market's Alan Gould.In an interview with <a href="https://www.youtube.com/watch?v=LENuUDyzQQ4">CNBC</a> on Monday, Gould reiterated his "sell" rating and $1 per share price target for AMC despite the Reddit favorite's recent resurgence."To me, the stock just does not reflect fundamental value. I realize that can occur for a while, but eventually, I think it comes back to fundamentals," Gould said.Gould highlighted the declining attendance of movie theatres in the interview and a shrinking "theatrical window" that pushes new releases out of theatres in a matter of weeks."The fundamentals of this industry have been steadily declining for years…Attendance has been declining steadily since the year 2000," Gould said.The Loop Capital Market's analyst praised AMC for its continued equity raises, saying the company is being "as smart as they could be" by taking advantage of the high share price to issue stock, gaining capital to fund their operations.Gould said CEO Adam Aron should continue to raise capital at current lofty valuations to find acquisitions and more."If I were Adam Aron, I would issue as much stock as I possibly could," he said.The analyst touched on a number of bearish points for AMC stock, including the declining number of theatrical releases from legacy studios and Netflix's continued dominance.Gould also noted that not as many theatres went out of business during the pandemic as expected, meaning there are "too many screens" available for lagging industry demand.Gould isn't the only analyst that doesn't see the same value <keyword id="10656986" type="UNKNOWN" weightage="60" keywordseo="reddit-traders">Reddit traders</keyword> do in AMC's business either.Citi analyst Jason Bazinet reiterated his "sell" rating on shares of AMC just last week but nearly doubled his price target on the world's biggest movie theater chain to $3.70 from $2, citing abating near-term liquidity concerns after debt raises.Bazinet added that the company's "elevated leverage" is an "added risk," however, and said recent industry developments indicate "the strategic role of exhibitors is diminishing."Despite analysts' bearishness, shares of AMC <a href="https://markets.businessinsider.com/news/stocks/amc-stock-price-230-million-stock-sale-mudrick-reddit-wallstreetbets-2021-6-1030482628">jumped double digits</a> on Monday after the company announced a $230.5 million equity raise to help it "go on offense" with acquisitions.Reddit traders continue to pile into the name, hoping to force a short squeeze as they did earlier this year. As of May 26, AMC had a short interest of roughly 20%, according to <a href="https://twitter.com/ihors3/status/1397582357398499333">data from S3 Partners</a>.However, according to data from HypeEquity, an analytics firm that analyzes 23 million retail and Reddit investors in real-time, interest in BlackBerry beat out AMC over the weekend. As a result, BlackBerry stock jumped <a href="https://www.businessinsider.com/blackberry-stock-price-jumps-as-redditors-again-seek-short-squeeze-2021-6">as much as 10%</a> on Monday.Forums on Reddit were filled with traders looking for the next AMC or GameStop this weekend. One trader even remarked, "It's not worth buying AMC anymore, that train already passed," in the weekend discussion thread, echoing other traders' sentiments.

You Searched For "UTI AMC share price" and got 13 results

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