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Nava Bharat Ventures rose 1.66% at Rs 165 at 10:10 IST on BSE after the company said that it has entered into an agreement for renewal of conversion arrangement of chrome ore into ferro chrome with Tata Steel.
The announcement was made after market hours yesterday, 6 April 2016.
Meanwhile, the BSE Sensex was down 194.42 points, or 0.8%, to 24,700.33.
More than normal volumes were witnessed on the counter. On BSE, so far 22,760 shares were traded in the counter, compared with an average volume of 4,098 shares in the past one quarter. The stock hit a high of Rs 170 and a low of Rs 163.20 so far during the day. The stock hit a 52-week high of Rs 203.40 on 13 April 2015. The stock hit a 52-week low of Rs 128 on 12 February 2016. The stock had outperformed the market over the past one month till 6 April 2016, rising 2.53% compared with 1.03% gains in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 2.46% as against Sensex's 1.99% decline.
The mid-cap company has an equity capital of Rs 17.86 crore. Face value per share is Rs 2.
Nava Bharat Ventures said that an agreement with Tata Steel is for a period of 4 years commencing from April 2016 to produce up to 70,000 metric tonne (MT) of high carbon ferro chrome per annum at its Odisha ferro alloy plant.
Net profit of Nava Bharat Ventures declined 28% to Rs 21.26 crore on 12.1% decline in net sales to Rs 244.46 crore in Q3 December 2015 over Q3 December 2014.
Nava Bharat Ventures operates in the business verticals of power generation, mining, ferro alloys and agri-business with multi-national operations spread over India, South East Asia and Africa.
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- [Editor:sunzhichao]
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