Aditya Birla Nuvo Shares Soar On Health Insurance Foray

Aditya Birla Nuvo shares rallied over 6% 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% subsidiary of Aditya Birla Nuvo. South African financial services group MMI Holdings will hold 49% stake Aditya Birla Wellness Private while the remaining 51% stake will be with Aditya Birla Financial Services. Aditya Birla Nuvo shares closed 3.47% higher at Rs 1,164 compared to 0.41% gain in the broader Nifty.