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Aditya Birla Nuvo rises on plan to foray into Health Insurance, Wellness business in India

05 Jun 2015 Evaluate

Aditya Birla Nuvo is currently trading at Rs. 1758.00, up by 51.15 points or 3.00% from its previous closing of Rs. 1706.85 on the BSE.

The scrip opened at Rs. 1714.50 and has touched a high and low of Rs. 1763.45 and Rs. 1714.45 respectively. So far 2,720 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1913.25 on 14-May-2015 and a 52 week low of Rs. 1311.05 on 11-Jul-2014.

Last one week high and low of the scrip stood at Rs. 1850.00 and Rs. 1665.00 respectively. The current market cap of the company is Rs. 22,890.00 crore.

The promoters holding in the company stood at 57.20% while Institutions and Non-Institutions held 26.85% and 13.51% respectively.

Aditya Birla Nuvo (ABNL) has 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 (JVC) named Aditya Birla Health Insurance Company (ABHICL), subject to the regulatory approvals.

ABHICL is in the process of making an application to the Insurance Regulatory and Development Authority of India 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 is a $4.5 billion conglomerate by revenue size. The company, part of Aditya Birla Group, is present across financial Services, telecom, fashion & lifestyle, IT-ITeS and manufacturing businesses.


Peers
Company Name CMP
Grasim Industries 2718.25
DCM Shriram 1225.85
3M India 31394.15
Hindustan Foods 509.15
Balmer Lawrie & Co 176.20
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