Aditya Birla Money shares again surged 10% today to make a new all-time high of Rs 62.95, hitting the upper circuit for the third time in last one week. The stock has more than doubled in the last one month, while has returned 147% over a year.
Earlier last week, the Reserve Bank of India granted a payments bank license to Aditya Birla group. Aditya Birla Idea Payments Bank Ltd (ABIPBL) is a 51:49 joint venture between the group parent company Aditya Birla Nuvo and its telecom services unit Idea Cellular.
On the news, Aditya Birla Money shares gained 20% in a day’s trade last week with a massive spurt in volumes. Further, the stock reported trade volume of 11,38,065 shares yesterday, while had a traded volume of 9,16,000 shares today till 11:20 am, which is record high in the last one year.
Payments Banks will be allowed to take deposits up to Rs 100,000 per customer, accept demand deposits, issue ATM/debit cards, and offer mobile banking and net banking services, but would not be allowed to issue credit cards and term loans.
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Earlier last week, Aditya Birla Nuvo Ltd got shareholder approval for the merger with its affiliate Grasim Industries Ltd, which would create a giant with $9 billion in combined revenue. The merger would increase the shareholding of the promoter Birla family stake in Grasim to 39% from 31% now.
Later this month, Aditya Birla Money is scheduled to hold a board meeting on 28 April to consider the audited financial results of the company for the year ended 31 March 2017. The company has issued formal guidelines in a circular to stock exchanges regarding the closure of trading window, citing that all the directors and the employees will not be allowed to trade in the company’s securities until 48 hours after the announcement of the annual results.