Aditya Birla Nuvo rose 5.44% to Rs 1,370.40 at 14:00 IST on BSE after the company denied media reports suggesting that the company may exit low-margins businesses.
Meanwhile, the BSE Sensex was up 323.98 points, or 1.16%, to 28,226.64.
On BSE, so far 7.41 lakh shares were traded in the counter, compared with average daily volume of 86,470 shares in the past one quarter. The stock hit a high of Rs 1,387.90 and a low of Rs 1,305 so far during the day. The stock hit a record high of Rs 1,664 on 9 August 2016. The stock hit a 52-week low of Rs 685 on 29 February 2016. The stock had underperformed the market over the past 30 days till 29 August 2016, sliding 8.19% compared with 0.53% slide in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 23.98% as against Sensex's 4.63% rise.
The large-cap company has equity capital of Rs 130.22 crore. Face value per share is Rs 10.
Media reports suggested that Aditya Birla Nuvo is planning to sell its fertiliser business. The business is currently operated by Indo Gulf Fertilisers, a subsidiary of Aditya Birla Nuvo. Recently, the Aditya Birla Group announced the merger of Aditya Birla Nuvo with Grasim and subsequent demerger and listing of the financial services business through a composite scheme of arrangement.
On a consolidated basis, Aditya Birla Nuvo's net profit declined 56.79% to Rs 305.15 crore on 1.62% decline in net sales to Rs 3041.30 crore in Q1 June 2016 over Q1 June 2015.
Aditya Birla Nuvo is a business conglomerate. It commands leadership position across its financial services, telecom, linen and manufacturing businesses.
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