Nava Bharat Ventures rose 2.89% to Rs 57 after the company said it entered into a conversion agreement with Tata Steel Mining (TSML), wholly owned subsidiary of Tata Steel, for conversion of high carbon ferro chrome.
The duration of the conversion agreement with TSML is from 1 December 2020 to 31 March 2025. The agreement postulates that the entire smelting capacity of the Odisha plant is dedicated to TSML to produce up to 70,000 metric tons of high carbon ferro chrome per annum.
"Thereby, the arrangement should provide long-term operational stability for the ferro alloy plant and associated captive power plant at Odisha, Nava Bharat said in a BSE filing made during market hours today.
Nava Bharat Ventures is a power focused company with interests in ferro alloys and sugar.
The company reported 7.3% rise in consolidated net profit to Rs 101.60 crore on a 10.6% fall in net sales to Rs 600.39 crore in Q2 FY21 over Q2 FY20.
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