Nava Bharat jumps as board to consider bonus issue

Nava Bharat Ventures surged 4.55% to Rs 243.40 at 14:29 IST on BSE after the company said it has scheduled a meeting of its board of directors on 22 July 2016, to consider recommendation of issue of bonus shares.

The announcement was made after market hours yesterday, 14 July 2016.

Meanwhile, the S&P BSE Sensex was down 70.54 points or 0.25% at 27,871.57.

On BSE, so far 1.85 lakh shares were traded in the counter as against average daily volume of 52,971 shares in the past one quarter. The stock hit a high of Rs 248 and a low of Rs 240 so far during the day. The stock had hit a 52-week high of Rs 250.85 on 7 July 2016. The stock had hit a 52-week low of Rs 128 on 12 February 2016. The stock had outperformed the market over the past one month till 14 July 2016, surging 24.93% compared with 5.86% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 42.04% as against Sensex's 9.03% rise.

The small-cap company has equity capital of Rs 17.86 crore. Face value per share is Rs 2.

Nava Bharat Ventures' net profit surged 136.2% to Rs 57.64 crore on 8% growth in net sales to Rs 302.20 crore in Q4 March 2016 over Q4 March 2015.

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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