Aditya Birla Group shares in focus; Grasim, Aditya Birla Nuvo dip 5%

Aditya Birla Money soared 16% to Rs 34.75 in intra-day trade, after surging 20% on Tuesday.

Shares of Aditya Birla Group companies are in focus after the media reports that the Group chairman Kumar Mangalam Birla has initiated a plan to merge Grasim Industries and Aditya Birla Nuvo.

Investment banks have made suggestions to the Aditya Birla Group to hive off its financial services and insurance businesses from BSE-listed Aditya Birla Nuvo to invite new investments in the two businesses. LINK

Shares of Grasim Industries slipped nearly 7% to Rs 4,830 on the BSE in intra-day trade, after falling 2.3% on Tuesday. Aditya Birla Nuvo dipped almost 6% to Rs 1,489, declining 8% from its early morning high of Rs 1,617.

Among the other individual stocks, Aditya Birla Money soared 16% to Rs 34.75 in intra-day, after surging 20% on Tuesday. The trading volumes have jumped nearly eight-fold with a combined 1.38 million shares changed hands on the BSE and NSE till 10:58 am.

Idea Cellular was trading 0.51% lower at Rs 96.65. The stock hit a fresh 52-week low of Rs 96.15 on the BSE in intra-day trade.