Latest news with #Nuvama
Business Upturn
8 hours ago
- Automotive
- Business Upturn
Nuvama raises TVS Motor share price target by Rs 200 following Q1 results
By Markets Desk Published on July 31, 2025, 22:38 IST Shares of TVS Motor Company may remain in focus after Nuvama Institutional Equities raised its target price by ₹200 to ₹3,400, citing better-than-expected Q1 earnings and an improving outlook across both domestic and export markets. In its latest update, Nuvama retained a 'Buy' rating on the stock and highlighted robust earnings growth potential led by rising market share, margin expansion, and a positive volume outlook. Q1 performance beats estimates on profitability For the quarter ended June 2025 (Q1FY26), TVS Motor reported a 20% year-on-year increase in revenue to ₹10,080 crore, which was broadly in line with Nuvama's expectations. However, EBITDA jumped 32% YoY to ₹1,260 crore, beating estimates, largely due to lower other expenses. Growth momentum across markets According to the brokerage, the two-wheeler maker is witnessing strong traction in both domestic and export markets. Nuvama believes TVS Motor is steadily gaining market share, with its domestic share likely to rise from 18% in FY25 to 19% by FY28. The brokerage also expects margin expansion going forward, aided by better product mix, benefits from the government's PLI scheme, and internal cost savings initiatives. Earnings forecast and valuation Nuvama forecasts a revenue CAGR of 14% and EPS CAGR of 20% over FY25–28E, supported by scale and profitability improvements. The target price of ₹3,400 is based on 35x Sep-27E EPS, up from the earlier base of Mar-27E, and includes a valuation of ₹148/share for TVS Credit. Ahmedabad Plane Crash Markets Desk at
The Hindu
8 hours ago
- Business
- The Hindu
IT Dept surveys Nuvama Wealth Management over links with Jane Street
Income Tax Department conducted a survey at various offices of Nuvama Wealth Management Ltd, linked to Jane Street's market manipulation on July 31, 2025, according to sources. Nuvama in its exchange filing said that it was fully co-operating with the income tax department in the search. The wealth management firm was reportedly trading in India for Jane Street. Queries sent through email to Jane Street were unanswered till press time. 'The Income Tax Department is conducting a survey today under Section 133A of the Income Tax Act, 1961, at the Company's Registered office. The Company is extending full co-operation with the authorities and sharing requisite information…The survey is yet to be concluded. The Company will make requisite disclosures, if any, to the Stock Exchanges under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'). The Company continues to operate business as usual,' Nuvama said in its exchange filing. Further they confirmed that they were compliant with the disclosure norms for Listing regulation. The grounds of the searches were not known and Nuvama maintained that the survey had not concluded. Nuvama's share closed 2.5% to ₹7225 a share reacting to the news. SEBI had found Jane Street in violation of FPI regulations among others allegedly manipulating the derivative market. The American company which has its subsidiaries in India was banned from operating in the securities market unless the profit of over ₹4800 crore were transferred to SEBI in an escrow account, according to SEBI's interim order. Following this, Jane Street paid this and asked that the curbs be lifted adding that it had all rights to its disposal. SEBI had then allowed the company to resume trading as it had complied with the interim order.
Business Recorder
11 hours ago
- Business
- Business Recorder
India tax authorities review documents at Jane Street, local partner Nuvama's offices, sources say
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, two sources aware of the matter said on Thursday The sources requested anonymity as they are not authorized 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. India regulator seeks trading data from exchanges in wider Jane Street probe, sources say '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.
Business Upturn
12 hours ago
- Business
- Business Upturn
Nuvama confirms IT department survey, says survey yet to be concluded
By Aditya Bhagchandani Published on July 31, 2025, 18:17 IST Nuvama Wealth Management Ltd. (formerly Edelweiss Broking) has officially confirmed that the Income Tax Department is conducting a survey at its registered office under Section 133A of the Income Tax Act, 1961. The company clarified that the survey, which began on July 31, 2025, is still ongoing and that it is fully cooperating with authorities and sharing all requisite information. This follows earlier media reports — including one by Business Upturn — that suggested IT officials were conducting search operations at Nuvama's premises in connection with the high-profile Jane Street case. In response to the BSE's request for clarification on the matter, Nuvama reiterated that it is compliant with all regulatory disclosure obligations and will make any required filings once the survey is completed. Notably, Nuvama acted as Jane Street's on-ground trading partner in India. Jane Street, a global proprietary trading firm, was recently barred by SEBI for alleged manipulation of stock indices through aggressive derivative positions, primarily in Bank Nifty. SEBI had directed Jane Street to return ₹4,844 crore in alleged illicit gains, which the firm deposited into an escrow account, following which its trading restrictions were lifted. The current survey marks one of the most significant tax enforcement actions linked to capital markets in recent times. While no specific charges have been announced against Nuvama, the ongoing regulatory scrutiny appears to have rattled investor confidence. The company has stated that its operations continue as usual. Disclaimer: The information provided above is based on company filings and publicly available sources. It does not constitute investment advice. Investors are advised to do their own research or consult financial advisors before taking any decisions. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Time of India
16 hours ago
- Business
- Time of India
Nuvama shares fall 4% on reports of income tax search in connection to Jane Street case
Shares of Nuvama Wealth Management fell nearly 4% on Thursday to hit a low of Rs 7,139.50 on the NSE after reports that the Income Tax Department was conducting search operations on its premises. The search was being carried out in connection with the Jane Street market manipulation case. Nuvama, Jane Street's domestic trading partner, has found itself caught in the regulatory crossfire, triggering investor anxiety despite no direct accusations against the firm. Explore courses from Top Institutes in Please select course: Select a Course Category Finance Data Analytics Management Others Degree healthcare others Technology MBA Artificial Intelligence Public Policy Project Management Data Science Design Thinking Cybersecurity Leadership Product Management Data Science Digital Marketing Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Fintech & Blockchain India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Fintech & Blockchain India Starts on undefined Get Details Skills you'll gain: Duration: 9 Months IIM Calcutta SEPO - IIMC CFO India Starts on undefined Get Details The global proprietary trading powerhouse has sought more time from the Indian market regulator Securities and Exchange Board of India (Sebi) to respond to the interim order issued on July 3 against alleged market manipulation case. On July 21, Sebi had given conditional relief to U.S. trading company by allowing them to access the securities market and carry out trading activities. Sebi's conditional relief came after Jane Street created a Rs 4,844 crore escrow account. The trading company has also been allowed to use its bank accounts for debit purposes. The Nuvama link While SEBI's order did not name Nuvama Wealth Management in the alleged misconduct, the firm's connection to Jane Street as its on-ground trading partner in India was enough to spook investors. Nuvama had responded to the NSE's earlier investigation into Jane Street's trades, which the exchange closed in May. However, SEBI chose to proceed independently with a more forceful stance. Jane Street case Jane Street, one of the world's most sophisticated trading firms pulled off a Rs 36,500 crore market scam making a whopping Rs 43,289 crore option profits while deliberately losing Rs 7,208 crore in futures and equities. The market watchdog in a 105 page order issued on July 3, had imposed comprehensive interim restrictions on Jane Street pending detailed investigation. Jane Street entities are completely restrained from accessing securities markets and prohibited from buying, selling, or dealing in securities directly or indirectly. The regulator had also ordered impounding of Rs 4,843.57 crore in unlawful gains, requiring Jane Street to deposit this amount in an escrow account with a lien in favor of SEBI. All bank accounts, demat accounts, and custodial accounts are frozen, with no debits allowed without SEBI permission (though credits can be accepted).
