Nippon Life India Asset Management share price rises almost 9% on large trade deal news, scales 52 week highs

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Nippon Life India Asset Management Ltd share price gained up to 8.9% in morning trades on the NSE on Wednesday. A large trade deal news triggered these gains. The share price also scaled 52 week highs of ₹489 on Wednesday CNBC TV-18 quoting sources has reported that Private sector lender IndusInd Bank is likely to divest a 2.86% equity stake in Nippon Life India Asset Management Ltd (Nippon AMC) through block deals.

The block deal is valued at ₹762 crore and the broker is JM Financial Institutional Securities Ltd, sources told CNBC-TV18. Nippon Life traded volumes on the NSE surged on Wednesday. The NSE data showed that 38,19,063 shares had changed hands .

Also read- How to navigate the risky yet rewarding small-cap market? 4 experts share insights Nippon Life India Asset Management Limited is one of the key asset managers in India, managing (directly & indirectly) assets across mutual funds including Exchange Traded Funds, managed accounts, including portfolio management services, alternative investments funds, and offshore funds and advisory mandates. Nippon Life is also the asset manager of Nippon India Mutual Fund’s schemes. Nippon Life India had reported strong financial performance during second quarter and first half FY24.

Steady growth was witnessed in the monthly SIP flows during September quarter. SIP stands for Sytematic Investment plan. The Assets under management (AUM) at ₹350600 Crore during September quarter had increased from ₹313600 Crore during June quarter and ₹285,100 crore during the year ago quarter.