Aditya Birla Nuvo Shares Soar On Health Insurance Foray

Aditya Birla Nuvo shares rallied over 6 per cent on Tuesday after the company announced the formation of a step-down subsidiary for entering into health insurance business. 

Aditya Birla Nuvo is part of the Aditya Birla Group. 

The new company called Aditya Birla Wellness Private Ltd has been incorporated under Aditya Birla Nuvo's subsidiary Aditya Birla Financial Services to start health insurance and related business in India. 

Aditya Birla Financial Services is a 100 per cent subsidiary of Aditya Birla Nuvo. 

South African financial services group MMI Holdings will hold 49 per cent stake Aditya Birla Wellness Private while the remaining 51 per cent stake will be with Aditya Birla Financial Services. 

Aditya Birla Nuvo shares closed 3.47 per cent higher at Rs 1,164 compared to 0.41 per cent gain in the broader Nifty.