Aditya Birla Nuvo shares gain on incorporating ‘Aditya Birla Idea Payments Bank’

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New Delhi | Updated: February 22, 2016 5:59 PM

Shares of Aditya Birla Nuvo were trading 2.30 per cent up at Rs 757.50 (at 10.34 am). The scrip opened at Rs 749 and has touched a high and low of Rs 761 and Rs 749, respectively, in trade so far.

Aditya Birla Nuvo, bse sensex, nse nifty, stock market, bse sensex Shares of Aditya Birla Nuvo were trading 2.30 per cent up at Rs 757.50 (at 10.34 am). The scrip opened at Rs 749 and has touched a high and low of Rs 761 and Rs 749, respectively, in trade so far. (Photo: Reuters)

Aditya Birla Nuvo (ABNL) shares jumped as much as 2.77 per cent in the morning trade on Monday after the company informed stock exchanges that it has incorporated a new subsidiary with Idea Cellular in the name and style of ‘Aditya Birla Idea Payments Bank’ wherein the company will be holding up to 51 per cent shares and balance 49 per cent shares shall be held by Idea Cellular.

At 10.34 am, shares of Aditya Birla Nuvo were trading 2.30 per cent up at Rs 757.50. The scrip opened at Rs 749 and has touched a high and low of Rs 761 and Rs 749, respectively, in trade so far.

Later, the scrip closed 1.15 per cent up Rs 749.

Last year in August, the Reserve Bank of India (RBI) has granted its in-principle approval to the company to set up a Payments Bank under the Guidelines for Licensing of Payments Banks issued by it on November 27, 2014. The subsidiary company has been incorporated for the same.

In the past one year, the share price of Aditya Birla Nuvo tanked 59 per cent to Rs 740.50 till Feb 19. The 30-share index Sensex fell 19.53 per cent during the same period.

The promoters holding in the company stood at 57.18 per cent while institutions and non-institutions held 28.24 per cent and 14.58 per cent respectively.

Aditya Birla Nuvo is a $4.4 billion conglomerate operating in the services and the manufacturing sectors, where it commands a leadership position. Its service sector businesses include financial services, fashion & lifestyle and telecom.

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