UTI Mutual Fund to open 29 new Financial Centres on September 29

UTI Asset Management Company (UTI AMC), one of the largest asset managers in the country, is delighted to announce a significant expansion in its distribution reach with the launch of 29 new Financial Centers. These offices will be inaugurated at the same time on Friday, September 29, 2023, across all locations. This strategic move reflects UTI AMC’s commitment to providing better financial services and accessibility to investors, further strengthening our presence in the financial industry across India.

Mr. Imtaiyazur Rahman, MD and CEO of UTI AMC stated, “We are constantly stepping up our network across the country with an aim to be closer to our investors and provide our comprehensive offerings seamlessly. There is immense growth potential in upcoming non-metro cities where people are willing to invest. We endeavour to develop their understanding of mutual fund investments and provide better accessibility to our products in these cities. The expansion of our financial centres with these 29 new offices aligns with our vision to simplify financial services and make them accessible to everyone.”

The 29 new UFCs will be spread across all four zones of India, with 8 in the East, 1 in the North, 9 in the South, and 10 in the West.

In the East, new UFCs will be opened in BiharSharif and Ara in Bihar, Nagaon in Assam, Puri and Angul in Odisha, Deoghar in Jharkhand, and Bankura and Jalpaiguri in West Bengal. In the North, a new UFC will be opened in Hisar in Haryana.

In the South, new UFCs will be opened in Anantapur and Kurnool in Andhra Pradesh, Karimnagar and Khammam in Telangana, Udupi in Karnataka, Malappuram, Palakkad, Kannur, and Alappuzha in Kerala, and Erode in Tamil Nadu. In the West, new UFCs will be opened in Korba in Chhattisgarh, Sagar and Ujjain in Madhya Pradesh, Chandrapur, Nanded, Ahmednagar, Satara, Dhule, and Sangli in Maharashtra, and Gandhidham in Gujarat.

This expansion of UFCs will make it easier for people across India to access quality fitness and martial arts training.

On Thursday, shares of UTI AMC opened at 781.92 per share. Currently, the stock is trading at Rs 794.45 per share, up 0.69% from its previous closing of Rs 789 per share. The 52-week high of the stock is 907 and the 52-week low is Rs 609.50.

The shares of the company have a PE of 17.2x whereas industry PE is 23.1x. The company is almost debt-free and has been maintaining a healthy dividend payout of 52.5%.

The stock has gained 58% since its listing on the exchanges on October 16, 2023, when it was priced at Rs 502.65 per share.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.