Nava Bharat Ventures gains after signing power supply contracts

Nava Bharat Ventures rose 2.37% to Rs 123.10 at 10:46 IST on BSE after the company and its subsidiary signed contracts for power supply to Telangana State Grid.

The announcement was made after market hours yesterday, 26 November 2018.

Meanwhile, the BSE Sensex was up 44.40 points, or 0.13%, to 35,398.48

On BSE, so far 7,079 shares were traded in the counter, compared with average daily volume of 10,000 shares in the past two weeks. The stock hit a high of Rs 125.25 and a low of Rs 121.50 so far during the day.

Nava Bharat Ventures and its subsidiary, Nava Bharat Energy (India), signed contracts with Tata Power Trading for power supply of 25 MW and 100 MW respectively to Telangana State Grid. The contracts commence from 15 January 2019 to 30 April 2019 and are at a net price of Rs 5.75/- per unit.

Nava Bharat Ventures' consolidated net profit jumped 427.44% to Rs 140.51 crore on 50.96% rise in total income to Rs 802.95 crore in Q2 September 2018 over Q2 September 2017.

Nava Bharat Ventures is a diversified organization with interests in power generation, ferro alloys, mining and agri-business.

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