Shares of Nuvama Wealth Management Ltd. surged over 14% to hit a life-high on Wednesday after it reported profit in the third quarter of FY24.
The company reported a net profit of Rs 30.9 crore in October-December period, compared to a loss of Rs 5.8 crore in Q3 FY23.
Nuvama Wealth Management Q3 Results Highlights (Consolidated, YoY)
Revenue up 104.78% at Rs 186.5 crore.
Net profit at Rs 30.9 crore vs loss of Rs 5.8 crore.
Citi Research's Take On Nuvama Wealth Management
Citi Research maintained 'buy' on the stock, with a target price Rs 4,110 apiece. The brokerage said Nuvama Wealth Management's IB/IE revenues are getting support from market tailwinds.
The company has gained traction asset servicing, sustained traction in wealth management business, Citi Research said.
Nuvama Wealth Management's adjusted Core PBT 70%/20% YoY/QoQ growth was12% above expectations, the brokerage said.
Shares of the company rose as much as 14.29%, the highest level since listing on Sept. 26, 2023, before paring gains to trade 10.24% higher at 1:07 p.m. This compares to a 0.02% decline in the NSE Nifty 50.
The stock has risen 43.92% in over five months. Total traded volume so far in the day stood at 10 times its 30-day average. The relative strength index was at 60.31.
The one analyst tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 9.6%.
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