Aditya birla money up 5% for 12 straight day; stock zooms 122% in a month

Aditya Birla Money up 5% for 12 straight day; stock zooms 122% in a month

STOCK MARKET - Aditya Birla Money (ABM) hit its upper circuit of 5% for the twelfth straight session. The stock touched its fresh high of Rs 135 with its market value appreciating by 122% in the past one month from Rs 61 on June 20, 2017.

Till 01:29 pm; a combined 51,825 shares changed hands and there were pending buy orders for 705,640 shares on the BSE and NSE. ABM, a Kumar Mangalam Birla led Aditya Birla Group company, is in the business of offering investments & trading in stock and securities through its various affiliations with stock exchanges. It offers Portfolio Management Services to high networth individuals (HNI) and corporate investors.

ABM also caters to investments in debt instruments and mutual funds through it digital platform to diversify asset allocation.

As a depository participant, ABM has equity assets under custody worth around Rs 25,000 crore catering to over three lakh investors who can hold stocks & securities, mutual funds and insurance policies in electronic form.

Aditya Birla Financial Services, the promoter, hold 75% stake in ABM. Aditya Birla Financial Services has business interests including that of non-banking financial institution, housing finance, asset management, brokerage, wealth advisory and health insurance.

In August 2016, the boards of directors of Grasim Industries, Aditya Birla Nuvo and Aditya Birla Financial Services (now known as Aditya Birla Capital) approved the merger of Aditya Birla Nuvo into Grasim, and subsequent demerger and listing of its financial services business.

Listing of financial services business provides flexibility to independently fund its growth through various sources of capital, the company said.

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ARTICLE SOURCE – BUSINESS STANDARD