Nuvama Wealth Management begins trading on NSE and BSE
2023.09.26 02:02
© Reuters.
Tuesday marked the debut of Nuvama Wealth Management, previously known as Edelweiss Securities, on the National Stock Exchange (NSE) and BSE. The shares began trading at ₹2,750 on NSE and ₹2,699 on BSE before hitting an upper circuit of 5% at ₹2,833.90. However, they then experienced a significant drop. The stock has been listed in the trade-to-trade or ‘T’ segment, which prohibits intra-day trading.
Nuvama Wealth Management reported a net profit of ₹323 crore (INR100 crore = approx. $12 million) for the fiscal year ending March 31, 2023. The company plans to expand its assets under management (AUM) from its current ₹2.25 lakh crore to ₹6 lakh crore by FY 2027-28.
Following its spin-off from Edelweiss Financial Services, Nuvama Wealth Management distributed 1.05 crore shares proportionately among Edelweiss Financial Services’ shareholders. During the first ten trading sessions, the circuit filter for this stock will be limited to a maximum of 5% on either side.
The investment firm PAG acquired a controlling stake of 56% in Nuvama Wealth Management in 2020 when it was still a wealth management business of Edelweiss Financial Services. After the acquisition, PAG announced the demerger and subsequent listing of Edelweiss Securities.
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