India's Nuvama Wealth hits record high after Q2 profit surges 70%

Nuvama Wealth Management

30/10/2023 04:34

** Shares of Nuvama Wealth Management  NUVA.NS  jump as much
as 8.6% to a record high of 2,947.85 rupees
    ** NUVA posts a 70.3% surge in Q2 consolidated net profit
and a 30.7% rise in total revenue from operations on higher
interest income  
    ** Co says client assets under wealth management business
grew 21% YoY to 2.17 trln rupees ($26.07 bln), as at Q2 end 
    ** With financial wealth seen doubling in the next 5-6
years, co expects to see robust growth in organised wealth
management - NUVA  
    ** If gains hold, stock on track to rise for a fourth
straight session
    ** As of last close, NUVA stock up 3.9% since debut on Sept
26 

     ($1 = 83.2500 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))