Aditya Birla Nuvo hit a new 52-week high today at Rs.1197.65 and continues to remains strongly in the green. Amongst the top five gainers on the BSE, the stock is up currently 6% at Rs.1192 levels.

The company announced yesterday after market closure that it has set up a new subsidiary – Aditya Birla Wellness Pvt Ltd (ABWPL). Here, the promoters of Aditya Birla Nuvo have no direct interest in ABWPL; this is a JV between MMI Holdings, which is partner for health insurance and wellness – it will hold 49% while balance 51% will be held by Aditya Birla Finance.

The purpose of ABWPL is for providing and servicing of incentivized wellness and related programs and services.

Aditya Birla Nuvo is up because Aditya Birla Finance is its subsidiary. The market is happy because it could be another value accretive venture and eventually could get listed also.