Latest news with #NuvamaWealthManagementLtd
Business Upturn
01-08-2025
- Business
- Business Upturn
Nuvama shares fall another 3% as company confirms ongoing IT raid
By Aditya Bhagchandani Published on August 1, 2025, 10:37 IST Shares of Nuvama Wealth Management Ltd. slipped another 2.76% to ₹7,040 on Thursday, extending losses after the company officially confirmed that the Income Tax Department is conducting a survey at its premises. The decline follows concerns raised by media reports earlier in the week, linking the firm to the high-profile Jane Street trading case. In a regulatory filing, Nuvama acknowledged that the tax survey commenced on July 31, 2025, under Section 133A of the Income Tax Act, and remains underway. The company stated that it is fully cooperating with authorities, providing all requested documentation and disclosures. The clarification came in response to queries from the BSE after multiple news outlets reported that Nuvama's offices were being searched as part of a broader investigation into suspected stock market manipulation by global trading firm Jane Street. While no formal charges have been announced against Nuvama, investor sentiment appears shaken by the scrutiny. Nuvama acted as Jane Street's local execution partner in India. Jane Street, which was recently barred by SEBI for alleged manipulation of the Bank Nifty index through its derivative positions, was directed to return ₹4,844 crore in profits gained from its trades. The restrictions were lifted after the firm complied. Despite the ongoing survey, Nuvama emphasized that its operations remain unaffected. However, the confirmation of regulatory involvement has led to further pressure on the stock, which has now fallen more than 5% over two sessions. Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Please consult a certified financial advisor before making investment 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.
Mint
01-07-2025
- Business
- Mint
Sambhv Steel Tubes IPO listing tomorrow: Here's what GMP, subscription status hint ahead of debut
Sambhv Steel Tubes IPO listing date has been scheduled for tomorrow (Wednesday, June 25). Sambhv Steel Tubes IPO allotment was finalised yesterday (Monday, June 30). For those who have been allocated shares, the crediting of shares to demat accounts will occur today, Tuesday, July 1. The process of refunding those who have not yet received their shares will likewise be finished today. Sambhv Steel Tubes IPO subscription status on the third day of bidding was 28.46 times, as BSE data. The retail segment saw a subscription of 7.99 times, while the NII segment was booked at 31.82 times. The Qualified Institutional Buyers (QIBs) portion attracted bids amounting to 62.32 times. The portion reserved for employees was subscribed 7.99 times. Sambhv Steel IPO price band has been fixed in the range of ₹ 77 to ₹ 82 per equity share of the face value of ₹ 10. Sambhv Steel Tubes IPO date of subscription was scheduled from Wednesday, June 25, to Friday, June 27. Sambhv Steel Tubes IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional investors (NII), and not less than 35% of the offer is reserved for retail investors. The employee reservation portion has been allocated equity shares aggregating up to ₹ 25 million. The public offering includes a fresh issue of equity shares valued at ₹ 440 crore, in addition to a share sale (OFS) from the promoters totaling ₹ 100 crore. Nuvama Wealth Management Ltd and Motilal Oswal Investment Advisors Ltd act as the primary managers for this offering. Sambhv Steel Tubes IPO GMP today is +13. This indicates Sambhv Steel Tubes share price was trading at a premium of ₹ 13 in the grey market, according to Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Sambhv Steel Tubes share price is indicated at ₹ 95 apiece, which is 15.85% higher than the IPO price of ₹ 82. According to the analysis of grey market activities over the past 19 sessions, today's IPO GMP is showing an upward trend and is anticipated to have a solid listing. The minimum GMP recorded is ₹ 0.00, whereas the maximum GMP reaches ₹ 14, as stated by experts from 'Grey market premium' indicates investors' readiness to pay more than the issue price. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Economic Times
20-06-2025
- Business
- Economic Times
Sambhv Steel Tubes IPO to open on Jun 25; sets price band at Rs 77-82 per share
Sambhv Steel Tubes on Friday set a price band of Rs 77-82 per share for its upcoming Rs 540-crore initial public offering (IPO). ADVERTISEMENT The initial share sale will open for public subscription on June 25 and conclude on June 27, the company said. The IPO is a mix of fresh issue of equity shares valued at Rs 440 crore and an offer for sale (OFS) of shares worth Rs 100 crore by promoters. Proceeds from the fresh issue will be utilised for payment of debt and general corporate purposes. Sambhv Steel Tubes is one of the key manufacturers of electric resistance welded (ERW) steel pipes and structural tubes (hollow section) in India in terms of installed capacity as of March 31, 2024. According to a Crisil report, the demand for domestic steel pipes and tubes is expected to have grown at a compound annual growth rate (CAGR) of 5-6 per cent to 12.50-13.50 million tonnes per annum (MTPA) in FY25 from 8.8 MTPA in FY19. ADVERTISEMENT The growth was led by government initiatives to augment urban structural infrastructure and to infuse investments in the oil and gas sector. Going forward, domestic steel pipe demand is projected to increase to 18.50-20.50 MTPA in FY29 at 8-9 per cent CAGR between FY25 and FY29 on a high base, the report added. ADVERTISEMENT Sambhv Steel Tubes announced that half of the offer size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Nuvama Wealth Management Ltd and Motilal Oswal Investment Advisors Ltd are the book-running lead managers to the issue. Sambhv Steel Tubes is expected to list on the BSE and NSE on July 2. PTI (You can now subscribe to our ETMarkets WhatsApp channel)
