Nuvama Wealth shares rallies over 13%

The stock of the company zoomed 13.44 per cent to close at Rs 3,870 apiece on the BSE.

Shares of Nuvama Wealth Management (formerly Edelweiss Securities) rallied more than 13 per cent on Wednesday, a day after the firm said its net profit has almost doubled in the December quarter.

The stock of the company zoomed 13.44 per cent to close at Rs 3,870 apiece on the BSE. On the NSE, shares of Nuvama Wealth jumped 13.32 per cent to settle at Rs 3,865 apiece.

During the day, 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. In volume terms, 5.14 lakh equity shares were traded on the NSE, while 26,176 shares were traded on the BSE during the day.

In broader equity markets, the 30-share Sensex benchmark jumped 267.64 points, or 0.37 per cent, to close at 71,822.83 points, while NSE Nifty rose 0.45 per cent to settle at 21,840.05 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.