
Nomura Holdings

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About Nomura Holdings

Nomura traces its origins back to the late 1800s when Tokushichi Nomura I set up a money changing business in Osaka. Tokushichi's son, Tokushichi Nomura II, would later take over his father's business and in 1925 founded Nomura Securities with 84 employees.
Guided by the principle of putting the customer first set out at our founding, Nomura has grown into a leading financial services group with a global network spanning over 30 countries.
Nomura will celebrate its 100th anniversary on 25 December 2025 and for our milestone celebration, we have created our new Group Purpose: “We aspire to create a better world by harnessing the power of financial markets.” Nomura’s purpose statement embodies our evolution to meet the expectations of society and help build a better world.
At Nomura, we take pride in our culture of engagement which fosters high performance through free exchange of ideas and high ethical standards among leaders and employees, across all levels globally.
The Code of Conduct serves as our guide for ethical decision-making and proper conduct. Individual efforts to speak up without hesitation when finding or experiencing something inappropriate, as well as creating a psychologically safe environment to encourage such behavior, are critically important.
Diversity, Equity and Inclusion (DEI) is an integral part of Nomura’s culture; and we believe in harnessing its strength to create a sustainable organization; and drive performance, revenue, market share and profit. Our DEI vision is to strengthen Nomura’s brand as an employer of choice by embracing diversity in all forms. Nurturing diversity and mutual respect are essential for us in fostering an environment of trust & respect.
At Nomura, we are focused on cultivating an inclusive culture where everyone feels valued and respected regardless of their background or identity.

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Overall Rating | 3.8/5 based on 591 reviews | 4.2/5 based on 352 reviews | 4.0/5 based on 410 reviews | 4.3/5 based on 325 reviews |
Highly Rated for | Job security | Skill development Work satisfaction Salary | Work-life balance Skill development Salary | Company culture Skill development Work-life balance |
Critically Rated for | Promotions Work satisfaction | ![]() No critically rated category | ![]() No critically rated category | ![]() No critically rated category |
Primary Work Policy | Hybrid 93% employees reported | Work from office 82% employees reported | Work from office 88% employees reported | Work from office 86% employees reported |
Rating by Women Employees | 3.7 Good rated by 175 women | 3.5 Good rated by 19 women | 3.3 Average rated by 29 women | 4.5 Good rated by 145 women |
Rating by Men Employees | 3.8 Good rated by 389 men | 4.2 Good rated by 311 men | 4.0 Good rated by 369 men | 4.1 Good rated by 137 men |
Job security | 3.8 Good | 3.7 Good | 3.8 Good | 4.2 Good |
Nomura Holdings Salaries
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Kalpataru IPO subscribed 9% on Day 1
- Kalpataru Limited launched its IPO with a price band of ₹387-414, aiming to raise ₹1,590 crore through a fresh issue.
- The Bid/Issue Closing Date is set for June 26, with a minimum bid of 36 Equity Shares and multiples of 36 thereafter.
- NIIs and retail quotas were subscribed 0.10 times and 0.33 times, respectively, with the employee quota at 0.18 times.
- The net proceeds from the IPO will be used to repay borrowings and for general corporate purposes.
- Ahead of the IPO, Kalpataru raised ₹708 crore from anchor investors, including global and domestic institutions.
- GIC and Bain Capital were prominent anchor investors, along with SBI Mutual Fund and ICICI Prudential Mutual Fund.
- ICICI Securities, JM Financial, and Nomura Financial are the Book-Running Lead Managers for the IPO.
- Kalpataru Ltd. mainly focuses on luxury, premium, and mid-income real estate projects across Indian cities.
- The company plans to list its shares on the NSE and the BSE following the IPO.
- The IPO committee finalised 171,09,783 equity shares for anchor investors at ₹414 a share.
- The IPO received a 9% subscription on Day 1, with significant interest from institutional and retail investors.
- Kalpataru Ltd. was founded in 1988 and is part of the Kalpataru Group, with interests in construction and infra sectors.
Kalpataru IPO opens today at Rs 387-414 price band
- Kalpataru IPO opens with a price band of Rs 387-414 per share for a fresh issue, aiming to raise ₹1,590 crore.
- Bids can be made for a minimum of 36 Equity Shares and in multiples of 36 Equity Shares thereafter.
- The Anchor Investor Bidding Date is one Working Day prior to Bid/Issue Opening Date.
- The Bid/Issue Closing Date is set for Thursday, June 26, 2025.
- Allocation of ₹171,09,783 equity shares to anchor investors at ₹414 a share, raising Rs 708 crore.
- GIC and Bain Capital are among the key anchor investors participating in the IPO.
- Net proceeds from the IPO will be used for repayment/pre-payment of borrowings and general corporate purposes.
- ICICI Securities, JM Financial, and Nomura Financial are the Book Running Lead Managers for the IPO.
- Kalpataru Ltd. focuses on luxury, premium, and mid-income residential projects, part of the Kalpataru Group founded in 1988.

Trump’s latest attack on the Fed zooms in on surging debt costs
- President Trump is urging the Federal Reserve to lower interest rates to reduce government debt costs.
- The U.S. government spent $776 billion in interest costs on federal debt over eight months, up 7% from the previous year.
- Trump believes that rate cuts could save $600 billion annually in interest costs.
- However, economists warn that lowering rates could lead to higher inflation and increased nominal interest rates.
- The Treasury Secretary and Trump are focusing on 10-year Treasury yields, rather than the Fed's overnight rate.
- The debate over Trump's arguments comes alongside discussions of a new tax-cut package that may increase U.S. borrowing needs.
- Cutting rates to reduce government spending is not part of the Fed's mandate, which should focus on price stability and maximum employment.
- There are concerns that inflation resurgence after rate cuts could lead to a recession, worsening the fiscal situation.
- Moody's Ratings downgraded the U.S. sovereign rating due to rising debt costs.
- Nomura Holdings predicts over $7 trillion of U.S. debt will mature by year-end, requiring refinancing at higher costs.
- The administration argues that tariff revenues and economic growth will offset tax-cut costs, with interest savings being an additional benefit.
- While cutting rates may temporarily reduce the government's interest burden, it could lead to long-term challenges due to rising inflation expectations.
- Lowering rates without economic justification risks damaging the Fed's credibility and independence from the White House.
- Trump's concerns focus on refinancing maturing debt at higher costs and finding ways to alleviate the government's interest burden.
- The fiscal situation is not the Fed's responsibility, and rate cuts should only occur in response to economic weakening or high interest rates.
Mahanagar Gas Upgraded To 'Buy' As It Offers Better Growth At Attractive Valuation, Says Nomura
- Nomura has upgraded Mahanagar Gas Ltd. to a 'buy' rating from 'neutral', setting a target price of Rs 1,680 per share.
- The upgrade is based on MGL's better growth prospects and attractive valuation compared to its peers.
- Key factors for the upgrade include strong expected volume growth and limited exposure to volatile industrial and commercial segments.
- Challenges posed by the recent 18-20% reduction in gas allocation under the Administered Price Mechanism were addressed in the report.
- Despite the allocation cut affecting supply of cheap APM gas for priority sectors like CNG and domestic PNG, MGL and IGL managed to mitigate the challenge with price hikes.
- Gujarat Gas Ltd. faced challenges in the industrial and commercial segment due to low-cost propane gas and limited room for CNG business growth.
- State policies promoting electric vehicle adoption continue to pressure CNG growth, with potential policy actions targeting CNG vehicles in Delhi.
- Inclusion of natural gas under the GST regime could benefit businesses by streamlining tax structure and potentially reducing tax burden.
- Nomura prefers MGL as its top pick due to highest expected volume growth and attractive valuation, while GGL is the least preferred pick.
Premier Energies Block Deal: Quant Mutual Fund, Premji Invest, SBI Life Among Top Buyers
- Premier Energies Ltd.'s block deal saw mutual funds and insurance companies acquiring shares, with notable buyers including Quant Mutual Fund, Premji Invest, and SBI Life Insurance Co.
- US-based GEF Capital Partners affiliate South Asia Growth Fund II Holdings sold 5.6% stake in Premier Energies for Rs 2,630 crore, while Quant Mutual Fund acquired 1.05% equity for Rs 500 crore and Premji Invest bought 0.74% for Rs 350 crore.
- Foreign investors like Morgan Stanley Asia, Goldman Sachs, Citigroup, Blackstone, and Nomura also participated in the block deal, along with domestic mutual funds such as Edelweiss, Axis, Kotak, and ICICI Prudential.
- Shares were traded at an average price of Rs 1,051.6 apiece. Premier Energies' stock settled nearly 1.9% higher at Rs 1,084.4 on the NSE, showing a 29% rise in the last 12 months despite a 19% fall this year.

Tata Motors stock up 2% on targeting higher CV & PV market shares, analysts remain cautious
- Tata Motors expects slower growth in CV industry volumes over the next five years due to the impact of dedicated freight corridors.
- Tata Motors aims to achieve 40% market share in CV segment and 16% market share in PV segment by FY27.
- Analysts like Motilal Oswal and Nomura maintain a neutral rating for Tata Motors with target prices of ₹690 and ₹799 respectively.
- HDFC Securities remains cautious in the near term due to various factors and has a reduce rating with a target price of ₹733.
Marginal Improvement In Demand For Staples Amid Urban Weakness, Says Nomura
- Nomura's latest report indicates a mixed bag in consumer trends, with marginal improvements in demand for staples and sustained pressure on operating profit margins.
- The note highlights a stark contrast between urban and rural demand, with urban demand growth slowing to 2.6% in 4QFY25 from 5% in 3QFY25, while rural demand continued to grow in the high-single digits.
- Rural/tier 3 and 4 cities are performing better than tier 1 and 2 cities in terms of demand for staples.
- Nomura expects rural volume growth to gradually improve, while urban demand remains stable or shows slight improvement in the future.

Wakefit converts to public limited company in its run up to 2025 IPO
- Wakefit, a Bengaluru-based startup, is converting to a public limited company in preparation for its 2025 IPO with a target valuation of ₹1,500 to ₹2,000 crore.
- The company has appointed Axis Capital, IIFL Capital Services, and Nomura as bankers for its IPO. Wakefit recently achieved over ₹1,000 crore in revenue and aims to see net profit by the end of FY25.
- In its latest funding round in January 2023, Wakefit raised ₹320 crore in a Series D round led by Investcorp, with participation from existing investors Sequoia Capital India, Verlinvest, and SI.
- The company plans to expand its product range, omni-channel reach, and invest in brand-building initiatives. Wakefit's revenue crossed ₹1,000 crore, showing a 24% increase from FY23, and expects double-digit growth in FY25.

Sansera Engineering Q4 Review: Price Target Cut By Nomura As Exports Weaken
- Nomura has reduced the target price of Sansera Engineering from Rs 1,669 to Rs 1,643 per share due to weak exports and US trade tariff uncertainties.
- Despite the price cut, Nomura maintained its 'buy' stance on the company as fourth quarter margins met expectations.
- Ebitda margin stood at 16.3%, below the consensus estimate of 17.2%, while Profit After Tax increased by 28% driven by lower interest expense and higher other income.
- The company's non-auto segment and diversification across ADS are expected to drive growth, with the order book increasing by 16% y-y to INR18.5bn.

RBI Dividend Windfall Boosts Fiscal Room And Supports Capex Momentum, Say Analysts
- The Reserve Bank of India has announced a record dividend of Rs 2.69 lakh crore for the central government for financial year 2025, marking a significant 27.4% increase over last year’s payout.
- Brokerages welcomed the announcement, noting its implications for fiscal consolidation and capital expenditure. Morgan Stanley remarked that the higher-than-expected transfer aligns with the government’s fiscal consolidation target.
- The RBI’s Central Board revised the Economic Capital Framework, increasing the Contingency Risk Buffer to 7.5% of the central bank’s balance sheet. This shift limited the dividend from reaching Rs 3.5 lakh crore, reinforcing RBI’s risk management posture.
- Nomura estimates core system liquidity could rise to around Rs 5 lakh crore, expecting the RBI to respond with additional liquidity infusions, likely favouring FX swaps. On the rates front, Nomura retains a bullish stance on five-year government bonds.


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