India's Nuvama Wealth surges to record high after Citi initiates coverage with "buy"

Nuvama Wealth Management

04/12/2023 09:46

** Shares of Nuvama Wealth Management  NUVA.NS  rise as much
as 8.63% to a record high of 3,450 rupees 
    ** Citi Research initiates coverage of the wealth manager
with "buy"; PT set at 4,110 rupees, an implied upside of 33.5%
over the last close
    ** Citi says NUVA in a sweet spot to leverage growing
formalisation of wealth management in India; sees NUVA as top
pick in the sector besides 360 One Wam  ONEW.NS 
    ** Adds, multi-product/open architecture-based distribution
model in wealth, multi-customer focus including established
presence of ultra high net-worth individuals (UHNIs) and strong
product pipeline are key positives
    ** Trading volume was at 284,412 shares as of 3:06 p.m. IST,
2.3 times the 30-day avg - LSEG data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))