 "360 One Wam shares climb nearly 5% after Citi raises target price 1")
The wealth management segment of the company entails the distribution of financial products, advisory, equity and debt broking, estate planning and managing financials.
Early trading saw a 4.82 percent increase in 360 One Wam shares as global brokerage Citi maintained its “buy” recommendation on the financial services company, raising its target price to Rs 750. The brokerage had previously set a counter target of Rs 615. The revised objective represents a possible increase of more than 18% from the previous closing price of Rs 634.4.
According to Citi, following successful pilots, the small-cap investing banking and brokerage firm is in a good position to implement the mid-market strategy by April 24. The business is making use of its current product and service capabilities, which will help it attract new clients by leveraging the network effect.
The business, known as Citi, is well-positioned in the specialized ultra-high net worth individual (UHNI) market.
The company’s profit after tax, or PAT, rose 7% annually to Rs 190 crore in Q2, mostly in line with projections. AUM, or total assets under management, increased by 24% year over year as the company persisted in its goal of growing its assets with annual recurring revenue (ARR).
In the last six months, 360 One Wam shares have experienced a remarkable comeback, yielding returns of 44%; however, over the course of a year, the returns have been negative.
360 One Wam, formerly known as IIFL Wealth Management Limited, is an Indian business that specializes in wealth and asset management services. These services include lending, broking, credit and investment solutions, asset and portfolio management, and distribution of financial assets. The company’s wealth management division distributes financial products and provides advisory services, equities and debt broking, estate planning, and financial management.
