Nuvama Wealth shares zoom 14%; hit 52-week high

Shares of Nuvama Wealth Management (formerly Edelweiss Securities) zoomed 14 per cent in morning trade on Wednesday, a day after the firm said its net profit has almost doubled in the December quarter. On the BSE, the scrip of the company rallied 13.96 per cent to Rs 3,887.65 apiece.

The stock of Nuvama Wealth jumped 13.36 per cent to Rs 3,866.35 per piece on the NSE.

In intraday trade, shares of the wealth management firm hit its 52-week high of Rs 3,898 and Rs 3,895 apiece on the NSE and the BSE, respectively.

The rise in the counter assumes significance as the 30-share BSE Sensex benchmark declined 485.88 points or 0.68 per cent in initial trading to 71,069.31, while NSE Nifty fell 0.64 per cent to 21,603.10 points.

On Tuesday, Nuvama Wealth Management said its net profit almost doubled to Rs 178 crore in the December quarter on the back of all-round growth in fee-based businesses.

The wealth management firm had posted a net profit of Rs 90 crore in the year-ago period. The firm’s revenue rose 38 per cent in the period under review to Rs 558 crore, while it rose 29 per cent to Rs 1,467 crore for the first nine months of the fiscal.

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