Nuvama Wealth gains after 2.2 million shares change hands via block deals: Nuvama wealth share price today
Source: Business Standard
Nuvama Wealth share price was up 3.54 per cent at Rs 7,010 per share on the BSE
Nuvama Wealth Management share rose 4.2 per cent on Friday and logged an intraday high of Rs 7,057.05 per share on the BSE. The buying interest came after over 2 million shares changed hands on the counter via block deal.
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As per the data on the BSE, 2.209 million shares changed hands on Nuvama Wealth counter at Rs 6,702.6 per share, totalling the deal value at Rs 1,481.2 crore.
Thus far in trades, 2.218 million shares have changed hands on the BSE. Together with the NSE, a combined 2.4 million shares have changed hands thus far in trades.
As per reports, Edel Finance Company and Ecap Equities were looking to sell a combined 6.4 per cent stake in Nuvama Wealth Management through block deals. The floor price for the transaction was to be set at Rs 6,445 per share.
The buyers and sellers of the deal, however, could not be confirmed by Business Standard.
As of June 2024, Edel Finance Company Ltd held a 5.18 per cent stake in the company. Meanwhile, Ecap Equities held an 8.44 per cent stake in Nuvama Wealth Management.
Promoters hold a 55.68 per cent stake in the company, whereas 44.32 per cent shareholding is with the public.
Nuvama Wealth Management Ltd is in the business of broking and trading in equity securities and is also registered as an Investment Adviser and Merchant Banker.
Nuvama Wealth Management Q1FY25 results
The company recorded a net profit for the quarter ended June 30 at Rs 221.02 crore as against Rs 123.07 crore a year ago. The revenue for the quarter under review stood at Rs 949.43 crore against Rs 647.71 crore year-on-year (Y-o-Y).
The total income for the June quarter stood at Rs 952.68 crore against Rs 649.21 crore a year ago.
As per the company’s filing, its businesses continued to witness secular growth as Q1 FY25 revenues grew by 18 per cent Y-o-Y. Capital Markets business revenue grew by 153 per cent Y-o-Y driven by heightened market activity and an increase in the market share.
The board also declared a dividend of Rs 81.50 per share in the quarter.
“Looking ahead we remain optimistic on secular trends in the wealth management industry and confident in our execution to create long term value for our stakeholders,” said Ashish Kehair, MD & CEO of Nuvama Group.
First Published: Sep 27 2024 | 12:46 PM IST
