Aditya Birla Nuvo hits 52-week high on good Q2 results

Aditya Birla Nuvo rose 2.35% to Rs 1,764.60 at 14:50 IST on BSE after the company said its consolidated net profit rose 55.79% to Rs 452.05 crore on 2.07% fall in total income to Rs 6565.40 crore in Q2 September 2014 over Q2 September 2013.

The Q2 result was announced during market hours today, 12 November 2014.

Meanwhile, the S&P BSE Sensex was up 103.42 points or 0.37% at 28,013.48.

On BSE, so far 34,363 shares were traded in the counter as against average daily volume of 17,993 shares in the past one quarter.

The stock hit a high of Rs 1,777, also a 52-week high for the stock. The index hit a low of Rs 1,718.95 so far during the day. The stock had hit a 52-week low of Rs 1,030 on 21 March 2014.

The stock had outperformed the market over the past one month till 11 November 2014, rising 6.3% compared with the Sensex's 6.13% rise. The scrip had also outperformed the market in past one quarter, gaining 21.38% as against Sensex's 9.37% rise.

The large-cap firm has an equity capital of Rs 130.12 crore. Face value per share is Rs 10.

ABNL IT & ITES, a wholly owned subsidiary of the company, at its meeting of the Board of Directors held on 30 January 2014. had approved the divestment of shares held by it in its IT-ITeS subsidiary Aditya Birla Minacs Worldwide, and had executed a Share Purchase Agreement with a group of investors led by Capital Square Partners and CX Partners at an Enterprise Value of $260 million (including deferred grant) subject to working capital adjustment and fulfillment of requisite consents and approvals,

All requisite consents and approvals which were part of closing conditions had been completed in the previous quarter. With this divestment, Aditya Birla Minacs Worldwide and its subsidiaries ceased to be subsidiaries of the company, with effect from 9 May 2014 and a loss of Rs 13.33 crore (Net off one time fees) had been recognised as an exceptional item. In view of above, the figures for the previous periods are not strictly comparable.

Aditya Birla Nuvo (ABNL) is a conglomerate and is a part of the Aditya Birla Group. ABNL is present across Financial Services, Telecom, Fashion and Lifestyle, IT-ITeS and Manufacturing businesses.

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