Aditya Birla Money zooms 20% on heavy volumes

Aditya Birla Idea Payments Bank has received licence from the RBI to start payments bank.

Aditya Birla Money is locked in upper circuit of 20% at Rs 39.80, also its 52-week high on the BSE, after Aditya Birla Idea Payments Bank received licence from the Reserve Bank of India (RBI) to set up a payments bank.

The trading volumes on the counter jumped more than six-fold with a combined 609,744 shares exchanging hands. There were pending buy orders for around 700,000 shares on the BSE and NSE at 10:34 am.

"The Reserve Bank of India vide its letter dated 3rd April 2017, has granted licence to Aditya Birla Idea Payments Bank Ltd (ABIPBL) to carry on the business of payments bank in India," Aditya Birla Nuvo said in a BSE filing.

Aditya Birla Idea Payments Bank is a 51:49 joint venture (JV) between Aditya Birla Nuvo (ABNL) and telecom major Idea Cellular.

Aditya Birla Money is a single brand offering the combined products and services of Aditya Birla Money Mart, Aditya Birla Money and Aditya Birla Customer Services.

The stock of Aditya Birla Nuvo was up 2% at Rs 1,551 after hitting high of Rs 1,555 in intra-day trade on BSE.