Aditya Birla Nuvo dropped 0.21% to Rs 1,718.60 at 11:50 IST on BSE after company entered into definitive joint venture agreements with MMI Holdings to enter into the Health Insurance and Wellness business in India.
The announcement was made during trading hours today, 4 June 2015.
Meanwhile, the BSE Sensex was down 13.97 points, or 0.05%, to 26,823.23.
On BSE, so far 1,738 shares were traded in the counter, compared with an average volume of 24,549 shares in the past one quarter.
The stock hit a high of Rs 1,734.15 and a low of Rs 1,709.50 so far during the day. The stock hit a 52-week high of Rs 1,913.25 on 14 May 2015. The stock hit a 52-week low of Rs 1,311.05 on 11 July 2014.
The stock had outperformed the market over the past one month till 3 June 2015, gaining 9.67% compared with 0.64% decline in the Sensex. The scrip had also outperformed the market in past one quarter, declining 2.32% as against Sensex's 9.31% fall.
The large-cap company has an equity capital of Rs 130.14 crore. Face value per share is Rs 10.
Aditya Birla Nuvo said that it has on 3 June 2015, entered into definitive joint venture agreements with MMI Holdings, a leading South African Insurance based financial services group, to enter into the Health Insurance and Wellness business in India. As per the agreements, ABNL will hold 51% share in the joint venture company named Aditya Birla Health Insurance Co. (ABHICL), subject to the regulatory approvals.
ABHICL is in the process of making an application to the Insurance Regulatory and Development Authority of India (IRDA) for obtaining license to start health insurance and wellness business operations. The company expects to commence operations in next 12-15 months.
Aditya Birla Nuvo's consolidated net profit rose 88.3% to Rs 331.63 crore on almost unchanged growth in total income to Rs 7205.36 crore in Q4 March 2015 over Q4 March 2014.
Aditya Birla Nuvo (ABNL) is a $4 billion premium conglomerate. It is part of the Aditya Birla Group. ABNL is present across Financial Services, Telecom, Fashion and Lifestyle and Manufacturing businesses.
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