UTI AMC is the top gainer on the BSE since the opening bell; the stock, which had closed yesterday at Rs.1343.45, it opened strong and soon rose to hit a new 52-week high at Rs.1427.95 and it remains strong, trading around the high levels.

No material development as such but its more of a reflection of the optimism around the AMC industry.

Notwithstanding Trump, the Indian equity markets have been showing a sustained market rally. There are higher AUMs now due to NAV appreciation (existing portfolios gaining value), strong SIP inflows (over Rs.18,000 crore/month range) and robust retail participation.

Also, compared to its peers like HDFC AMC and Nippon, UTI is undervalued.

These reasons apart, for some time now, there have been rumours of stake consolidation or sale by any one of the government shareholders (LIC, SBI, PNB).