UTI AMC hits record high; rises 6% in three days

UTI Asset Management Company gained 2.44% to Rs 1,144.65, rising for third trading session.

Aug 26, 2021 03:08 IST capital market

Shares of UTI Asset Management Company rallied 6.37% in three trading sessions from its previous closing low of Rs 1076.15 on 23 August 2021. The stock hit a record high of Rs 1,163.75 in intraday today. The stock has rallied 142.9% from its 52-week low of Rs 471.10 hit on 12 October 2020.

The counter has outperformed the market over the past one month, rising 20.98% compared with 5.85% rise in the Sensex.

On the technical front, the stocks RSI (relative strength index) stood at 69.406. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 20 and 50 days simple moving average placed at 1057.34 and 932.60 respectively. These levels will act as crucial support zones in near term.

UTI AMC is investment manager to UTI Mutual Fund. The company has a countrywide network of branches along with a diversified distribution network. The company posted a 53% jump in consolidated net profit to Rs 155 crore on a 29.5% rise in total income to Rs 350.11 crore in Q1 FY22 over Q1 FY21.

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