Kotak Initiates 'Buy' on SBI AMC, Upgrades HDFC AMC; Downgrades ABSL AMC

Kotak Institutional Equities has initiated coverage on SBI Funds Management with a 'Buy' rating and a fair value of Rs 600. The brokerage upgraded HDFC Asset Management Company to 'Buy' from 'Add' and downgraded Aditya Birla Sun Life AMC to 'Reduce' from 'Add' due to valuation concerns.