NUVAMA

Adds details, background from paragraph 3 onwards

By Nikunj Ohri

NEW DELHI, Aug 1 (Reuters) - U.S. trading firm Jane Street is not co-operating with the income tax department in the ongoing investigation against the firm, a government source who has been briefed on the matter told Reuters on Friday.

India's income tax authorities are reviewing documents across the local offices of Jane Street and its trading partner Nuvama Wealth NUVA.NS, two sources aware of the matter had said on Thursday.

"Their servers are located outside India and access is being blocked. The books of accounts are also maintained outside the country, despite the requirement under Indian company law to maintain them in India," the source said on condition of anonymity as the proceedings are confidential.

"They have only a skeletal staff present here, who are also not co-operating," the source added.

India's tax authorities did not immediately respond to queries sent on email. An e-mail sent to Jane Street's headquarters in the U.S. outside office hours also did not get an immediate response.

India's markets regulator SEBI temporarily banned Jane Street from trading in Indian markets on July 4, alleging the firm manipulated stock indexes through its derivatives positions.

According to the regulator's order, the Jane Street group made a profit of $4.23 billion from trading in India between January 2023 to May 2025.

The U.S. brokerage has deposited $567 million in an escrow account, representing what the regulator said are "unlawful gains," in a bid to resume trading while reserving its legal rights.

SEBI has since lifted restrictions placed on the firm but the company has continued to stay away from trading in India.

(Reporting by Nikunj Ohri, writing by Swati Bhat; Editing by Sonia Cheema and Raju Gopalakrishnan)

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Adds statement from the company and context

By Jayshree P Upadhyay

July 31 (Reuters) - India's income tax authorities are reviewing documents across the local offices of U.S. trading firm Jane Street and its trading partner Nuvama Wealth NUVA.NS, two sources aware of the matter said on Thursday

The sources requested anonymity as they are not authorised to speak to media.

India's markets regulator on July 4 temporarily banned Jane Street from trading in Indian markets, alleging the firm manipulated stock indexes through its derivatives positions.

The U.S. brokerage has deposited $567 million in an escrow account, representing what the regulator said are "unlawful gains," in a bid to resume trading while reserving its legal rights.

The firm has denied the allegations and called the trades basic arbitrage.

Nuvama said on Thursday evening that the review of the documents was still underway.

"The Company is extending full co-operation with the authorities and sharing requisite information," Nuvama said in a statement to the exchanges.

Nuvama's shares closed 2.33% lower on Thursday, in a weak broader market.

Emailed queries sent to Jane Street and India's tax authorities were not answered.

(Reporting by Reporting by Jayshree P Upadhyay; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)

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** Nifty 50 .NSEI and Sensex .BSESN flat as drop in Reliance RELI.NS offsets post-results rally in Eternal ETEA.NS, gains in HDFC Bank HDBK.NS, ICICI Bank ICBK.NS

** Eleven of 13 major sectors decline; small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 lose 0.2% and 0.4%, respectively

** Zomato-parent ETEA jumps 8.6% on Q1 revenue surge

** HDBK, ICBK up 0.4% and 0.8%, respectively, extending Monday's rise on strong Q1

** RELI down 1.2%, after Monday's 3.2% fall, on concerns over softness in oil-to-chemicals, retail businesses

** Markets seen range-bound in near term, with earnings offering direction as U.S. tariff deadline jitters keep investors on edge, two analysts say

** Exchange operator BSE BSEL.NS, brokers Nuvama Wealth NUVA.NS, Angel One ANGO.NS rise after SEBI lifts trading curbs on Jane Street

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** India's exchange operator BSE BSEL.NS climbs 4.1%; Central Depository Services (India) CENA.NS up 1.8%

** Stock brokers Nuvama Wealth Management NUVA.NS and Angel One ANGO.NS gain 1.8% and 0.8%, respectively

** India's markets regulator said Jane Street has deposited 48.44 billion rupees into an escrow account, and requested lifting its trading restrictions

** It was not immediately clear when Jane Street might resume trading

** On July 3, regulator, SEBI, barred Jane Street from the domestic market for manipulating stock indices via derivatives

** Derivatives account for more than half of BSE's revenue, 77% of Angel One's broking revenue; Nuvama is Jane Street's India trading partner

** YTD, BSE, NUVA up 39%, ~8%, ANGO and CENA down ~8% and 2%

(Reporting by Manvi Pant in Bengaluru)

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** Attractive value "hard to find" in Indian equities outside financials, with MSCI India's 1-year forward PE at 23.3x, and 26.4x excluding financials, well above 10-year averages :Jefferies

** With Indian markets expected to move sideways in the near term, bottom-up stock picking will be key, brokerage says

** Adds, newly listed auto parts firm Belrise Industries BELR.NS, IT services company Sagility SAGL.NS, and Adani Energy Solutions ADAI.NS to its model portfolio

** Sagility is added by trimming Infosys' INFY.NS weight; Belrise replaces Eicher Motors EICH; and Adani Energy takes Nuvama Wealth's NUVA.NS spot following regulatory curbs on derivatives trading

** Jefferies now identifies 11 Indian stocks as value buys under its coverage (except financials)

** The changes reflect focus on selective, fundamentals-driven bets amid rich valuations, according to Jefferies

** BELR shares are up 2.1%, while SAGL and ADAI are down 1.5% and 1%, respectively

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Jefferies flags potential negative impact on Indian derivative volumes as the local markets regulator bans U.S. trading company Jane Street
** The securities regulator last week barred Jane Street from the market, saying a preliminary investigation found evidence it manipulated stock indexes
** Jane Street a significant foreign portfolio investor - Jefferies
** Brokerage says proprietary and high frequency traders expected to fill some of the volume loss
** Jefferies sees limited earnings impact for exchange operator BSE .BSESN; estimates ~1% of BSE’s derivatives turnover linked to Jane Street
** Brokerage expects Nuvama NUVA.NS earnings to take a 7%–8% hit as it estimates 15%–20% of the firm's asset services and institutional equities revenues are tied to Jane Street
** Derivatives volumes to be closely watched over the next week, especially around index expiries on Tuesday and Thursday - Jefferies

(Reporting by Sethuraman NR)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

** BSE BSEL.NS slips 3.7%; Nuvama Wealth Management NUVA.NS and Angel One ANGO.NS slide ~5% each; Central Depository Services (India) CENA.NS down 2%

** SEBI bars U.S. trading company Jane Street from market, saying probe found co manipulated stock indexes through positions in derivatives

** News of SEBI actions comes as half a dozen global trading firms, from Citadel Securities and IMC Trading to Millennium and Optiver, ratchet up presence in India's booming derivatives markets

** "We've already seen average premium turnover on NSE and BSE come down 17% and 13%, respectively, in June when SEBI began probing Jane Street," said Amit Chandra, vice president at HDFC Securities

** YTD, ANGO down 5%, BSE gains 51%, Nuvama rises 12.1%

(Reporting by Vivek Kumar M)

(([email protected];))

** Shares of Nuvama Wealth Management NUVA.NS jump 3.5% to 7309 rupees

** Stock rises after TV channel ET Now reports, citing sources, that private equity firm Warburg Pincus is considering buying a majority stake in NUVA

** Nuvama Wealth Management and Warburg Pincus did not immediately respond to Reuters' request for comment

** Separately, more than 41,000 shares of NUVA change hands via block deals in price range of 7244.5-7282.5 rupees vs last close of 7062 rupees - LSEG data

** Stock up 5.5% YTD

(Reporting by Nishit Navin in Bengaluru)

(([email protected]))

Repeats item that first ran on Wednesday

By Ira Dugal, Bharath Rajeswaran and Jaspreet Kalra

MUMBAI, May 7 (Reuters) - The latest conflict between India and Pakistan may impact New Delhi's efforts to pitch itself as a safe haven for foreign investors amid global economic turmoil - but not much, investors and analysts said on Wednesday, as tensions ratcheted up between the nuclear-armed neighbours.

India's $4 trillion economy has limited direct trade with Pakistan, and even its overnight cross-border missile strikes had little immediate impact on local equity, currency and bond markets, on the view that full-fledged conflict is unlikely.

"If there is a cessation of hostilities like there should be, pragmatically and practically, the investment climate may not actually be harmed," said Ajay Marwaha, head of fixed income at Mumbai-headquartered investment house Nuvama Group.

Previous conflicts have not had a lasting impact on Indian assets, Citibank analysts wrote in a note on Wednesday.

In the last such flare-up with Pakistan, in February 2019, the Indian rupee held steady and bond yields rose 15 basis points over that month but retreated later.

In June 2020, when fighting broke out between Indian and Chinese troops in the Galwan valley, the rupee weakened 1% but regained ground as the two sides disengaged, Citi analysts said.

Since U.S. President Donald Trump unveiled a slate of huge tariffs on his country's trading partners, Indian markets have in fact performed well.

"The Indian market had begun to outperform on the back of the perception that there is some insulation from Trump tariffs given the strength of domestic consumption and a clear signal of monetary loosening from the central bank," said Sat Dhura, portfolio manager at Janus Henderson Investors.

He acknowledged that: "Recent events are likely to keep foreign investors away," but added that local investment flows are likely to be sticky, helping serve as a support to the markets.

India is expected to remain the fastest-growing major economy with the central bank forecasting GDP growth of 6.5% this financial year. It is also among the best-performing of the world's big stock markets since early April, when Washington announced reciprocal tariffs on its trading partners, with the benchmark Nifty 50 .NSEI rising 4.6% since then.

Foreign investors, who had heavily sold Indian stocks from last October to March of this year, turned buyers in April and early May purchasing about $1.5 billion. They remained sellers of Indian bonds, offloading $1.7 billion since the start of April.

UAE-based asset manager NAV Capital reckons that the geopolitical flare-up may temper immediate foreign portfolio flows into India but it expects global investors to remain invested in the country unless the latest conflict spirals.

FOCUS ON TRADE DEALS

The focus, analysts said, remains on trade deals.

India sealed a long-negotiated trade agreement with the U.K. on Tuesday and discussions are ongoing for a bilateral trade agreement with the U.S.

"While sentiments are likely to be jittery in the immediate term, these tensions are unlikely to derail the medium-term appeal of the Indian economy," said Radhika Rao, senior economist at DBS Bank in Singapore.

More "substantial developments" like the just-concluded India-UK trade deal, the impending agreement with the U.S. and the central bank’s dovish policies will dictate the path of India’s growth trade outlook, Rao said.

As part of these trade negotiations, India plans to bring down high tariffs for raw materials which have prevented large-scale manufacturing to move to the country.

The impact of the conflict between India and Pakistan on any potential longer-term investment "may not be very much", said Subhash Chandra Garg, a former top government bureaucrat.

The areas bordering Pakistan are in the north and west of India but most foreign investment for manufacturing facilities is centred in southern and central India, Garg noted.

(Reporting by Ira Dugal and Jaspreet Kalra in Mumbai, Bharath Rajeswaran in Bengaluru; Editing by Hugh Lawson)

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By Ira Dugal, Bharath Rajeswaran and Jaspreet Kalra

MUMBAI, May 7 (Reuters) - The latest conflict between India and Pakistan may impact New Delhi's efforts to pitch itself as a safe haven for foreign investors amid global economic turmoil - but not much, investors and analysts said on Wednesday, as tensions ratcheted up between the nuclear-armed neighbours.

India's $4 trillion economy has limited direct trade with Pakistan, and even its overnight cross-border missile strikes had little immediate impact on local equity, currency and bond markets, on the view that full-fledged conflict is unlikely.

"If there is a cessation of hostilities like there should be, pragmatically and practically, the investment climate may not actually be harmed," said Ajay Marwaha, head of fixed income at Mumbai-headquartered investment house Nuvama Group.

Previous conflicts have not had a lasting impact on Indian assets, Citibank analysts wrote in a note on Wednesday.

In the last such flare-up with Pakistan, in February 2019, the Indian rupee held steady and bond yields rose 15 basis points over that month but retreated later.

In June 2020, when fighting broke out between Indian and Chinese troops in the Galwan valley, the rupee weakened 1% but regained ground as the two sides disengaged, Citi analysts said.

Since U.S. President Donald Trump unveiled a slate of huge tariffs on his country's trading partners, Indian markets have in fact performed well.

"The Indian market had begun to outperform on the back of the perception that there is some insulation from Trump tariffs given the strength of domestic consumption and a clear signal of monetary loosening from the central bank," said Sat Dhura, portfolio manager at Janus Henderson Investors.

He acknowledged that: "Recent events are likely to keep foreign investors away," but added that local investment flows are likely to be sticky, helping serve as a support to the markets.

India is expected to remain the fastest-growing major economy with the central bank forecasting GDP growth of 6.5% this financial year. It is also among the best-performing of the world's big stock markets since early April, when Washington announced reciprocal tariffs on its trading partners, with the benchmark Nifty 50 .NSEI rising 4.6% since then.

Foreign investors, who had heavily sold Indian stocks from last October to March of this year, turned buyers in April and early May purchasing about $1.5 billion. They remained sellers of Indian bonds, offloading $1.7 billion since the start of April.

UAE-based asset manager NAV Capital reckons that the geopolitical flare-up may temper immediate foreign portfolio flows into India but it expects global investors to remain invested in the country unless the latest conflict spirals.

FOCUS ON TRADE DEALS

The focus, analysts said, remains on trade deals.

India sealed a long-negotiated trade agreement with the U.K. on Tuesday and discussions are ongoing for a bilateral trade agreement with the U.S.

"While sentiments are likely to be jittery in the immediate term, these tensions are unlikely to derail the medium-term appeal of the Indian economy," said Radhika Rao, senior economist at DBS Bank in Singapore.

More "substantial developments" like the just-concluded India-UK trade deal, the impending agreement with the U.S. and the central bank’s dovish policies will dictate the path of India’s growth trade outlook, Rao said.

As part of these trade negotiations, India plans to bring down high tariffs for raw materials which have prevented large-scale manufacturing to move to the country.

The impact of the conflict between India and Pakistan on any potential longer-term investment "may not be very much", said Subhash Chandra Garg, a former top government bureaucrat.

The areas bordering Pakistan are in the north and west of India but most foreign investment for manufacturing facilities is centred in southern and central India, Garg noted.

(Reporting by Ira Dugal and Jaspreet Kalra in Mumbai, Bharath Rajeswaran in Bengaluru; Editing by Hugh Lawson)

(([email protected]; +91-9833024892;))

** Shares of Nuvama Wealth Management NUVA.NS up 1.9% to 5,564 rupees

** The company, which provides investment banking and brokerage services, says credit rating agency ICRA Ltd ICRA.NS reaffirmed its issuer rating assigned to Nuvama and revised outlook from stable to positive

** ICRA also reaffirms credit rating assigned to Long term/Short term non-fund-based bank lines and, revised outlook from stable to positive for unit Nuvama Clearing Services - co

** Avg rating of seven analysts is "strong buy" and median PT is 8,000 rupees, ~43.3% higher than current price - LSEG data

** NUVA nearly doubled in 2024

(Reporting by Anuran Sadhu in Bengaluru)

(([email protected]; +91 8697274436;))

Feb 26 (Reuters) -

• PAG IS SAID TO MULL SALE OF $1.2 BILLION STAKE IN INDIA’S NUVAMA - BLOOMBERG NEWS

Source text: https://tinyurl.com/4s2fbmdv

(([email protected];))

Jan 31 (Reuters) - Nuvama Wealth Management Ltd NUVA.NS:

• NUVAMA WEALTH MANAGEMENT LTD DEC-QUARTER CONSOL NET PROFIT 2.52 BILLION RUPEES

• NUVAMA WEALTH MANAGEMENT LTD DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 10.32 BILLION RUPEES

Source text: [ID:]

Further company coverage: NUVA.NS

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HONG KONG/SINGAPORE, Jan 13 (Reuters) - Asia-focused private equity firm PAG said on Monday that it has acquired a majority stake in Indian pharmaceutical packaging company Pravesha Industries, according to a statement.

Financial details were not disclosed in the statement. A source with knowledge of the matter said the deal gave Pravesha an enterprise value of $200 million.

PAG and Pravesha declined to comment.

"India's packaging sector has been one of our focuses, given its exposure to key themes driven by India's domestic manufacturing, consumer and industrial sectors," Nikhil Srivastava, managing director and head of India private equity, PAG's partner, said in the statement.

Founded in 1999, Pravesha produces over 15,000 metric tons of plastic bottles, closures and drums and more than two billion units of cartons, labels and leaflets annually for some of the world's largest pharmaceutical companies, the statement showed.

Meanwhile, PAG said it has also signed definitive documents to invest in an Indian rigid plastic packaging company, Manjushree Technopack Ltd MANT.M3, without disclosing financial details.

PAG has been investing in India since 2009 and currently manages over $3 billion in assets in the country, counting Nuvama Wealth Management NUVA.NS and Sekhmet Pharmaventures among its investments there, the statement showed.

PAG, whose private equity arm is led by seasoned Chinese dealmaker Shan Weijian, manages more than $55 billion in capital ranging from private equity to credit, according to its website.

(Reporting by Kane Wu in Hong Kong and Yantoultra Ngui in Singapore; Editing by Michael Perry)

(([email protected];))

** Shares of Nuvama Wealth Management NUVA.NS slip 5.7% to 6,878 rupees

** Edel Finance and Ecap Equities have launched 17.3 billion rupees ($203.9 million) block share sale at floor price of 6,800 rupees, 6.8% discount to prev close, IFR reports

** Edel Finance, Ecap Equities exiting NUVA - IFR

** Edel Finance and Ecap Equities hold 3.74% and 3.58% in co, respectively

** About 4.3 mln shares change hands in most active session ever

** Nuvama Wealth did not immediately respond to Reuters request for comments on block deals

** NUVA shares up 91% YTD

($1 = 84.8650 Indian rupees)

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Nov 27 (Reuters) - Nuvama Wealth Management Ltd NUVA.NS:

• NUVAMA WEALTH MANAGEMENT - NWIL GOT WARNING BY NSE TO ENSURE NON-RECURRENCE OF OBSERVATION

• NUVAMA WEALTH - NSE'S APPREHENSION THAT NWIL FACILITATED CLIENT TRANSACTIONS THROUGH GROUP CO

Further company coverage: NUVA.NS

(([email protected];))

Oct 25 (Reuters) - Nuvama Wealth Management Ltd NUVA.NS:

• SEPT-QUARTER CONSOL NET PROFIT 2.58 BILLION RUPEES

• SEPT-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 10.51 BILLION RUPEES

• DIVIDEND OF 63 RUPEES PER SHARE

Source text for Eikon: ID:nNSE3yBCKW

Further company coverage: NUVA.NS

(([email protected];))

Oct 8 (Reuters) - Nuvama Wealth Management Ltd NUVA.NS:

• NUVAMA WEALTH MANAGEMENT LTD - SEBI HAS ISSUED AN ADMINISTRATIVE WARNING

• NUVAMA WEALTH MANAGEMENT - WARNING ABOUT INSPECTION CARRIED OUT FOR MERCHANT BANKING ACTIVITIES

Source text for Eikon: ID:nBSE3KFVDY

Further company coverage: NUVA.NS

(([email protected];))

July 26 (Reuters) - Nuvama Wealth Management Ltd NUVA.NS:

• NUVAMA WEALTH MANAGEMENT LTD - DIVIDEND 81.50 RUPEES PER SHARE

• NUVAMA WEALTH MANAGEMENT JUNE-QUARTER CONSOL NET PROFIT 2.21 BILLION RUPEES

• NUVAMA WEALTH MANAGEMENT JUNE-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 9.49 BILLION RUPEES

Source text for Eikon: ID:nNSE21fpGH

Further company coverage: NUVA.NS

(([email protected];))

July 22 (Reuters) - Nuvama Wealth Management Ltd NUVA.NS:

• NUVAMA WEALTH AND INVESTMENT JUNE-QUARTER NET PAT 422.6 MILLION RUPEES

• NUVAMA WEALTH AND INVESTMENT JUNE-QUARTER TOTAL REVENUE FROM OPERATIONS 3.80 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: NUVA.NS

(([email protected];))

By Jayshree P Upadhyay and Jaspreet Kalra

MUMBAI, July 19 (Reuters) - Indian airlines and some brokerages faced technical and operational disruptions on Friday amid a global IT outage, multiple traders and airlines said.

Several major oil and gas trading desks in London and Singapore were struggling to execute trades due to a cyber outage, six industry sources told Reuters. LSEG Group's LSEG.L Workspace news and data platform also suffered an outage, affecting user access worldwide.

"We are currently experiencing technical challenges with our service provider, affecting online services including booking, check-in, and manage booking functionalities," SpiceJet SPJT.BO said on social media platform X.

Indigo, Akasa Air, Vistara, Air India and Air India Express also posted messages on X saying they were facing issues.

New Delhi airport said it too faced some IT issues and some services were temporarily affected.

Among the brokerages in India, Nuvama Wealth Management NUVA.NS, Edelweiss Mutual Fund, Motilal Oswal, IIFL Securities IIFS.NS, 5Paisa Capital PAIS.NS and Angel Broking are facing technical difficulties, traders at the brokerages told Reuters.

None of the brokerages responded to emails seeking confirmation and comment.

India's interbank trading platforms were functioning, however, and banks said they were able to execute bonds and foreign exchange transactions without any issues.

A source at the country's central bank said they were aware of the global outage but their systems were functional.

Widespread outages affecting banks, telecom networks and media were reported in Australia, possibly linked to an issue at global cybersecurity firm Crowdstrike CRWD.O. Major U.S. airlines also issued ground stops citing communications issues.

Crowdstrike ran a recorded phone message on Friday saying it was aware of reports of crashes on Microsoft's MSFT.O Windows operating system relating to its Falcon sensor.

(Reporting by Jayshree P Upadhyay and Jaspreet Kalra; Writing by Swati Bhat; Editing by Tom Hogue)

(([email protected]; twitter.com/swatibhat22; Reuters Messaging: [email protected]))

** Indian road developers must work to diversify across segments since "their ability to win adequate road orders at desired margins" is "under question", says brokerage Nuvama

** Brokerage flags high competition and ordering activity lull in first two months of FY25

** Road construction declined 12% y/y in April-May period with no new projects from National Highways Authority of India (NHAI) - note

** Nuvama says interim budget's 3% y/y rise in road capex is "muted" and "accentuates the concerns on road awards"

** Brokerage prefers PNC Infratech PNCI.NS for "robust balance sheet", stock up 2.2% on the day

** Rivals IRB Infrastructure Developers IRBI.NS and Dilip Buildcon DIBL.NS up 0.4% and 0.8% respectively

** Road capex allocation in July budget to "watch out for"; with elections behind, muted road ordering trend seen in FY24 may change by end-FY25 - note

(Reporting by Hritam Mukherjee in Bengaluru)

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BENGALURU, June 19 (Reuters) - Indian liquor company Allied Blenders and Distillers (ABD) on Wednesday filed for an initial public offering (IPO) to raise up to $180 million, amid intensifying competition in a market dominated by the likes of Diageo DGE.L and Pernod Ricard PERP.PA.

ABD, which sells whisky brands such as Officer's Choice and Sterling Reserve in India's estimated $33 billion spirits market, said it would issue new shares worth up to 10 billion rupees ($120 million) as a part of the offering.

The company aims to use proceeds from that sale to reduce some of its outstanding borrowings, it said.

Meanwhile, existing shareholders in the firm will sell shares worth up to 5 billion rupees, ABD added.

As of the end of March 2023, the liquor maker's total liabilities had risen roughly 13% year-over-year. Over the same period, its consolidated revenue dipped 1.3% while profit after tax increased 8.5%.

ICICI Securities, Nuvama and ITI Capital are book-running lead managers to ABD's IPO.

India has smashed records at home and globally for the number of its IPOs, at a time when the domestic equity market has surged to all-time highs on economic growth prospects and a vast consumer base, making it an attractive destination for companies and investors.

Last week, South Korean carmaker Hyundai Motor 005380.KS filed draft papers for listing its Indian unit, which could be the country's largest public flotation.

($1 = 83.4135 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mark Potter)

(([email protected]; X: @MukherjeeHritam;))

May 21 (Reuters) - Nuvama Wealth Management Ltd NUVA.NS:

• APPOINTS BHARAT KALSI AS NEW GROUP CFO

Source text for Eikon: ID:nBSEb7w5M0

Further company coverage: NUVA.NS

(([email protected];))

** Shares of Nuvama Wealth Management NUVA.NS up 3.7% to 5,212 rupees, their biggest intraday gain since April 12

** Brokerage services provider's Q4 consol net profit more than doubled to 1.81 billion rupees ($21.67 million)

** Total rev rose 51.34%

** More than 80,000 shares traded, 1.3x its 30-day avg

** Stock up 44% so far this year

($1 = 83.5226 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

** Shares of Jio Financial Services JIOF.NS up 3.8% at 367.50 rupees

** Co said on Monday it entered into new joint venture with BlackRock BLK.N to set up a wealth management and broking business in India

** Indian wealth management, brokerage stocks mostly shrug off JIOF's entry into the segment

** Shares of 360 One Wam ONEW.NS, IIFL Finance IIFL.NS, Angel One ANGO.NS and Motilal Oswal Financial Services MOFS.NS up between 0.1% and 1.5%; Nuvama Wealth Management NUVA.NS down 0.8%

** JIOF up more than 59% YTD vs 2.4% drop in Nifty financial index .NIFTYFIN

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

** Shares of power generator NTPC NTPC.NS rise as much as 3.3% to a record 374.5 rupees

** Co's unit NTPC Green Energy shortlists IDBI Capital Markets and Securities, HDFC Bank HDBK.NS, IIFL Securities IIFS.NS and Nuvama Wealth Management NUVA.NS to manage its 100 bln rupees ($1.20 bln) IPO- report

** NTPC did not immediately respond to Reuters request for comment

** Stock among top gainers on Nifty 50 index .NSEI, which is down 0.3%; reverses course after falling for two straight sessions

** It is trading above its 200-day simple moving avg since July 6, volumes at 25.1 mln shares- 2.7x the 30-day avg

** Inlcuding session's gains, stock up ~18% YTD, peers Torrent Power TOPO.NS and Tata Power TTPW.NS up 71% and 33%, respectively

** Analysts avg rating on NTPC stock is "Buy", TOPO is rated "Sell", while TTPW is rated "Hold"- LSEG

($1 = 83.3660 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Jefferies initiates coverage on Indian wealth management co stocks 360 One Wam ONEW.NS and Nuvama Wealth Management NUVA.NS with "buy"

** ONEW shares up as much as 3.9% at 748.40 rupees, while NUVA rises as much as 6% to record high of 5,350 rupees

** Indian wealth managers are well-placed to ride on country's economic growth, financialization of savings into capital markets, brokerage says

** Jefferies says 360 One is largest wealth manager with ultra-high net worth individuals focus, while Nuvama has diversified platform with growing wealth franchise

** Brokerage has street-high PT of 900 rupees for ONEW and 6,000 rupees for NUVA

** Jefferies says leading wealth managers would see 20%-22% profit CAGR over FY24-27E

** ONEW rated "strong buy" with median PT 748.50 rupees - LSEG data

** ONEW up 4% YTD, while NUVA up 48%

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

** Shares of Nuvama Wealth Management NUVA.NS rise as much as 14.3% to a record high of 3,898 rupees

** Brokerage services provider reported a two-fold surge in Q3 consol net profit

** Co aided by income from its capital markets business

** Stock has gained ~43% since listing in Sept.

** More than 410,000 shares change hands, 7x its 30-day avg, stock eyes most active trading session since Nov. 13

** Stock gained 49% in Q3

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

Jan 23 (Reuters) - Elpro International Ltd ELPR.BO:

• ACQUIRED EQUITY SHARES OF NUVAMA WEALTH MANAGEMENT

Source text for Eikon: ID:nBSEbpGgkf

Further company coverage: ELPR.BO

(([email protected];))