HDFC Asset Management Company (HDFC AMC) declared an interim dividend of Rs 70 per share for its eligible shareholders during a board meeting on Friday. The decision to pay an interim dividend instead of a final dividend for the financial year ended March 31, 2024, was made as the company has traditionally paid dividends to its shareholders in June for the past two fiscal years. The record date for determining shareholders eligible for the dividend is set as June 18, with the dividend scheduled to be paid before June 30.
In addition to the dividend announcement, HDFC AMC provided updates on key personnel changes. Navneet Munot has been re-appointed as the Managing Director and CEO of HDFC AMC. Meanwhile, Sylvia Furtado has resigned from the position of Company Secretary and Compliance Officer, and Sonali Chandak will be assuming this role.
The stock performance of HDFC AMC has been noteworthy, with shares experiencing a surge of close to 90% over the past year. In the last six months alone, the stock has gained 25.75%. However, in the past week, the shares experienced a slight dip of 3%.
According to data from Trendlyne, out of 21 analysts covering HDFC AMC, 10 recommend buying the stock, 8 suggest holding, and 3 advise selling. Technically, the stock’s chart indicates that it is trading above its longer-term moving averages but remains below its 26-day exponential moving average.
As of 10:30 am today, HDFC AMC shares were trading flat at Rs 3,778 on the BSE.
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