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The latest update is out from Nuvama Wealth Management Limited ( (IN:NUVAMA) ).
Nuvama Wealth Management Limited has disclosed that its wholly owned material subsidiary, Nuvama Wealth and Investment Limited, has received an order from the Assistant Commissioner of State Tax, Delhi under Section 73 of the Delhi GST Act, 2017 for the period April 2021 to March 2022. The order raises a demand comprising tax of Rs 97.19 lakh, interest of Rs 65.38 lakh and penalty of Rs 9.72 lakh, mainly citing excess input tax credit claimed, mismatches between GST returns and other input tax credit-related issues. The subsidiary plans to appeal the order before the Appellate Authority, and the parent company has emphasised that the order will have no impact on its financials, operations or other activities, suggesting limited immediate implications for shareholders and business continuity.
More about Nuvama Wealth Management Limited
Nuvama Wealth Management Limited operates in the financial services industry, focusing on wealth and investment management through its subsidiaries, including Nuvama Wealth and Investment Limited, a wholly owned material subsidiary. The group provides a range of investment and advisory services to clients in India, leveraging its presence in key financial hubs such as Mumbai’s Bandra Kurla Complex.
Average Trading Volume: 31,514
Technical Sentiment Signal: Strong Buy
Current Market Cap: 271.6B INR
For detailed information about NUVAMA stock, go to TipRanks’ Stock Analysis page.