Aditya Birla Nuvo gains on JV with Idea Cellular

The company has set up a JV with Idea Cellular for payments bank

Shares of Aditya Birla Nuvo were up over 1.5% at Rs 750 after the company said it has formed a joint venture company with Idea Cellular following the approval from the Reserve Bank of India's in-principle approval to set up a Payments Bank.

The new company for the aforesaid purpose will be in the name and style of Aditya Birla Idea Payments Bank Ltd, the company said in a release.

Aditya Birla Nuvo will hold up to 51% shares and balance 49% shares will be held by Idea Cellular, a joint venture of the company, the release added.

The stock opened at Rs 749 and touched a high of Rs 761. At 12:45pm, over 139,000 shares were traded on both the stock exchanges.