Rs. 63 Interim Dividend: November 7 Record Date, To Be Paid By November 23; Buy?

With more than 16,000 happy customers, Nuvama Wealth Management specialises in a wide range of financial services that are currently accessible to retail investors. Nuvama Partners is a top platform for distributors of financial products nationwide. One of the largest wealth management platforms in India is Nuvama Wealth and Investment Limited (formerly Edelweiss Broking Limited). Through a number of banks and HFCs, the corporation provides a wide range of products, including bonds, mutual funds, corporate FDs, public issues, general insurance mortgage loans, and SME loans.

Nuvama Wealth Management Dividend

The Board of Directors "declared Interim Dividend of Rs. 63/- per equity share of the face value of Rs. 10/- each for the financial year 2024-25. Pursuant to Regulation 42 of the Listing Regulations, the Board has fixed Thursday, November 7, 2024, as the record date. The said Interim Dividend will be paid/dispatched on or before November 23, 2024, subject to applicable taxes," said Nuvama Wealth Management in a stock exchange filing.

Nuvama Wealth Management Financials

Nuvama Wealth Management's net profit increased by 77.47% to Rs 257.64 crore in the September 2024 quarter compared to Rs 145.17 crore in the September 2023 quarter. In the quarter that ended in September 2024, sales increased 42.99% to Rs 1051.35 crore, up from Rs 735.26 crore in the quarter that ended in September 2023.

Nuvama Wealth Management Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said, "NUVAMA is trading near Rs 6,700, reflecting an uptrend characterized by higher highs and higher lows. The stock has now entered a consolidation phase, which could pave the way for a breakout and further bullish movement. Typically, consolidation acts as a continuation signal, implying that a break above this range could trigger a resumed upward trajectory with a target of Rs 7,600. Immediate support is positioned at Rs 6,500. The RSI currently stands at 55.15 and is on an upward trend, indicating growing buying interest."

"A stop-loss at Rs 6,300 is advisable to manage risk effectively against potential market reversals. In summary, a clear breakout with positive trading volume and alignment of technical indicators suggests a bullish outlook for NUVAMA. Given the potential for sustained upward momentum, we recommend a buy position in NUVAMA at the current market price (CMP) with a target of Rs 7,600 and a stop-loss at Rs 6,300," the analyst commented.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.