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The Nifty 50 index is comfortably trading above its key short-term and long-term moving averages, both of which are beginning to trend upward — a positive sign for the bulls.
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'The survey is yet to be concluded. The Company will make requisite disclosures, if any, to the stock exchanges,' says Nuvama Wealth
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Bernstein rated Nuvama Wealth and 360 One Wealth as 'outperform', while it gave Anand Rathi a 'market-performance' rating.
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According to reports, three PE buyout groups are in discussions with private equity company PAG to acquire the latter’s controlling stake in Nuvama Wealth Management,
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Stocks to watch, 29 May: Stocks like Bharat Rasayan, HeidelbergCement India, Birlasoft,Som Distilleries and Breweries, Natco Pharma, Deepak Nitrite, RITES, Aurobindo Pharma, IndusInd Bank, Steel Authority of India, Avanti Feeds, Insecticides India, Balaji Amines, Cummins India, ITC, ADF Foods, Mishra Dhatu Nigam, and Unified Data Tech Solutions will be in focus on May 29.
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Angel One shares closed at Rs 2,328.50, down 0.23 percent, while Nuvama Wealth Management stock rose 1.25 percent to Rs 5,944.
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PAG entered Nuvama Wealth Management in 2021, and the latter was listed on the bourses in 2023, following a restructuring process. The firm's share price has doubled since its market debut
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Blackstone-backed PAG may divest its majority stake in Nuvama Wealth Management, according to people familiar with the matter.
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Stocks To Watch, Feb 1: Stocks like Bandhan Bank, LIC Housing Finance, IRB Infrastructure Developers, Nuvama Wealth Management, Mahindra Lifespace Developers, Aster DM Healthcare, Sheela Foam, Triveni Turbine, Relaxo Footwears, Karnataka Bank, Godrej Agrovet, Hero MotoCorp, Aurobindo Pharma, and UPL will be in focus on February 1, Budget day.
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Edelweiss group entities--Edel Finance Company and Ecap Equities currently held a combined stake of 7.32 percent in Nuvama Wealth Management. In September, they had offloaded another 6.2 percent stake in a previous block trade.
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The market is expected to remain rangebound, though the overall trend continues to be positive. Below are some trading ideas for the near term.
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The observation is regarding the IPOs where Nuvama Wealth Management acted as the lead manager.
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Nuvama Wealth Management, IRB Infrastructure Developers, Indian Railway Finance Corporation, Namo eWaste Management, Timken India, Schneider Electric Infrastructure, and Bharti Airtel will be in focus on October 9.
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IDFC First Bank, Dr Reddy’s Laboratories, Punjab National Bank, ICICI Prudential Life Insurance Company, Bharat Electronics, Tata Chemicals, Adani Enterprises, and Adani Energy Solutions will also be in focus on September 30.
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Promoters - Shapoorji Pallonji and Company sold 5.78 percent stake in Sterling at an average price of Rs 623.28 per share, and Khurshed Yazdi Daruvala offloaded 1.35 percent shares in Sterling and Wilson Renewable Energy at an average price of Rs 630.01 per share.
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The stake sale in Nuvama Wealth will also trigger a 75-day lock-in period on any further sales of shares by Edel Finance Co and Ecap Equities..
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RITES, Life Insurance Corporation of India, Indian Bank, Systematix Corporate Services, Muthoot Capital Services, Union Bank of India, InterGlobe Aviation, and Amrutanjan Health Care will also be in focus on September 27.
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Container Corporation of India, Wipro, Nuvama Wealth Management, Zee Entertainment Enterprises, Roto Pumps, Texmaco Rail & Engineering, and Uflex will also be in focus on Wednesday.
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On the NSE, shares of Nuvama Wealth jumped 13.32 per cent to settle at Rs 3,865 apiece.
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Valuation and return ratios can be the yardstick to make a choice
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The shareholders' nod for the proposed demerger has paved the way for the listing of Nuvama Wealth Management Ltd, which is the company's wealth management arm.
