Computer Age Management shares rise 8% on nod to setting up office at GIFT city

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Computer Age Management Services (CAMS) share price added 8 percent intraday on August 27 after the company got the nod to set up an office at GIFT city to provide asset management support (AMS) services to financial institutions.

The company “received a communication dated 25th August 2021 from International Financial Services Centres Authority (IFSC), Gandhinagar authorising it to undertake Administration, Asset Management Support Services and Trusteeship Services", it said in a release.

Earlier, GIFT City Multi Services-SEZ issued a letter of approval to the company, extending the facilities and entitlements admissible to units in GIFT City.

Consequent to the approvals, the company is in the process of setting up an office at GIFT city to provide AMS Services to financial institutions that have set up or in are in process of setting up operations.

CAMS has been serving the AIF (Alternative Investment Funds) segment for over 12 years.

At 1148 hours, Computer Age Management Services was quoting at Rs 3,465.05, up Rs 224, or 6.91 percent on the BSE.

CAMS Q1 results: PAT grows 59% to Rs 63 crore

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Did you Know? Stock score of Computer Age Management Services Ltd moved down by 1 in 3 months on a 10-point scale. View Latest Stock Report »

New Delhi: 10, which acts as a registrar and transfer agent for mutual funds, on Tuesday reported a 59 per cent jump in profit after tax (PAT) to Rs 63.24 crore for the three months ended June 30. The company had posted a PAT of Rs 39.79 crore in the same quarter preceding fiscal, Computer Age Management Services Ltd (CAMS) said in a statement.Its revenue from operations rose 35.36 per cent to Rs 201.18 crore in the quarter under review from Rs 148.63 crore in the year-ago period.“We had a satisfactory quarter both in terms of our financial results and in maintaining our strong focus on operational excellence and financial prudence,” Anuj Kumar, Managing Director, CAMS Ltd, said.According to him, the company has navigated the tough business environment induced by the second wave of COVID and have ensured that mutual fund investors and clients were not impacted and continue to get high fidelity service.On the technology front, Kumar said the company’s focus has been to strengthen its digital offerings and augment the use of artificial intelligence, machine learning and cloud technology to fortify our operations and services.

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Domestic equity benchmarks started Friday’s session on a weak note amid selling pressure in select financial and IT stocks. Hindalco, UPL, Bajaj Finance, L&T and Coal India were among top blue-chip performers. On the other hand, M&M, IndusInd Bank, HDFC, Eicher Motors and ICICI Bank were among top losers.