Do you own this finance stock that got approval from International Financial Services Centres Authority (IFSCA)?

Today, the share of this company plunged 1.18 per cent to Rs 428.40 per share.

Today, the share of Aditya Birla Sun Life AMC Ltd plunged at closing, down by 1.19 per cent to Rs 428.40 per share. Recently, the company received approval from International Financial Services Centres Authority (IFSCA) to act as Registered Fund Management Entity (Non-Retail) and carry out Alternative Investment Fund (AIF) and Portfolio Management Services (PMS).  

Aditya Birla Sun Life AMC Ltd will set up a new unit for fund management services at the Gujarat International Finance Tec-City (GIFT City) as a strategic step toward expanding its international business and serving global clients, including NRIs interested in investing in India. The company reported strong results in its quarterly and annual consolidated financial statements, resulting in a more than 1.5 times spurt in volume on the stock exchange today.  

Incorporated in 1994, Aditya Birla Sun Life AMC is set up as a joint venture between Aditya Birla Capital Ltd and Sun Life AMC. The company offers Mutual Fund services, Portfolio Management services, offshore and real estate offerings.   

The PE multiple for the stock is merely 19.3, while the PE multiple for the industry is 25.9. Additionally, the company's ROE and ROCE are both 34.5 per cent and 44.8 per cent, respectively. Investors must keep an eye on this stock.