Shares of Nuvama Wealth Management Ltd. surged nearly 8% on Monday to an all-time high after its consolidated net profit jumped 80% in the first quarter of the current financial year.
The company posted a profit of Rs 221 crore in the quarter ended June in comparison to Rs 123 crore in the year-ago period, according to an exchange filing.
Nuvama Wealth Q1 FY25 Highlights (Consolidated, YoY)
Total income up 47% to Rs 953 crore versus Rs 649 crore.
Net profit up 79.5% to Rs 221 crore versus Rs 123 crore.
Nuvama Wealth's stock rose as much as 7.62% during the day to Rs 6,137.95 apiece on the NSE. It was trading 6.3% higher at Rs 6,062.55 per share, compared to a 0.24% advance in the benchmark Nifty.
The share price has gained 132.57% in the last 10 months and 69.06% on a year-to-date basis. The total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 76.63, implying that the stock is overbought.
Four analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 2.4%.
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