Nippon Life India, HDFC AMCs: Surprise winners among financial stocks

As a result, analysts at Prabhudas Lilladher Research expect the valuation gap between the two AMCs to narrow, though HDFC AMC could retain its top position.

While the Nifty Financial Services sector, which largely comprises banks and non-banking firms, has generated returns of 25 per cent over the past year, two stocks outside of the index have done much better. The two are asset management companies HDFC AMC and Nippon Life India AMC (formerly Reliance Nippon Life), which have seen gains of over 100 per cent.

Despite the year gone by being rough, given the markdown that funds had to take on certain debt exposure and inflows turning choppy between May and October last year, HDFC AMC’s stock has zoomed 144 per cent, and Nippon