AB Nuvo rallies as company enters into a JV with MMI Holdings

NEW DELHI: Shares of Aditya Birla Nuvo extended their recent rally on Tuesday, ending 3.76 per cent higher, after company said it had entered a joint venture with MMI Holding.

The stock has rallied 14 per cent over the past three sessions ever since the news broke. MMI Holdings is a South African financial services group and the JV will allow AB Nuvo's entry into India’s lucrative health insurance market.

As per the details, AB Nuvo will hold 51 per cent stake in the JV named Aditya Birla Health Insurance.

Reacting to the development, the scrip gained 6.49 to hit a high of Rs 1197.84 on the BSE. The stock is still down 45 per cent so far this year.