Shares of this Broking stock under the ‘small-cap’ category zoomed around 10 percent in Wednesday’s trading session after the company announced financial results for the quarter ended December 2023. In the past six months, the company’s stock has gained more than 40 percent for its stakeholders.
With a market capitalization of Rs 13,119.18 crores, the stocks of Nuvama Wealth Management Limited started their trading session on Wednesday at Rs 3,514.75 and currently trade at Rs 3,731 per share.
The company’s scrip witnessed an intra-day high, also marked as the fresh 52-week high level, of Rs 3,895 gaining around 14 percent compared to the previous closing levels of Rs 3,411.40 apiece.
Such bullish share price movements are observed today after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), announced financial results for Q3FY23-24, i.e., for the December 2023 quarter.
Sequentially, the prime indicators of business, viz, operating revenues as well as after-tax profits, showed positive movements with the former increasing from Rs 735 crores during Q2FY24 to Rs 841 crores during Q3FY24, and the latter, keeping the timeframe the same, moving from Rs 145 crores to Rs 176 crores.
On a YoY basis, the metrics mentioned above have shown stellar performance with the operating revenues increasing from Rs 579 crores during Q3FY23 to Rs 841 crores during Q3FY24, and the after-tax profits, during the same period, taking a shift from Rs 87 crores to Rs 176 crores exhibiting a gain of a whopping 102 percent.
As per the recent presentations, the company provided key performance highlights with the ‘client assets’ reported at around Rs 2.42 lakh crores as of Q3FY24, indicating a growth of 29 percent YoY.
In the ‘Nuvama Wealth’ segment, the revenues and net flows from ‘Managed Products & Investment Solutions’ (MPIS) accounted for 80 percent of the net flows received.
According to the latest shareholding pattern for the December 2023 quarter, the company’s Promoters hold a 55.95 percent stake, and the Foreign Institutional Investors, decreasing their stake during the recent period, currently hold a stake of 7.16 percent stake in the company.
Nuvama Wealth Management Limited, under the ‘Edelweiss’ Group founded in 1993, is a leading wealth management solution provider based in India that has a presence across various verticals, viz, wealth & investment management, custodial and advisory services, and institutional securities.
Written by Amit Madnani
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