Nava Bharat Ventures rises on monetizing movable assets of sugar division

Nava Bharat Ventures rose 3.19% to Rs 87.45 after the company said that it has entered into an agreement for sale of movable assets of its sugar division based in Andhra Pradesh (AP).

In a regulatory filing made after trading hours on Monday, the company informed that it had entered into a binding agreement for the sale of plant and equipment, excluding land, pertaining to sugar division.

In March 2020, the company's board had approved cessation of operations at the sugar plant situated at Samalkot in Andhra Pradesh after the end of the crushing season in March 2020. The company cited progressively unviable operations on account of diminishing sugar cane availability over the last few years as the reason for the closure.

Nava Bharat Ventures has presence in ferro alloys, power, mining, agribusiness and healthcare services.

On a consolidated basis, the company posted a 168% jump in net profit to Rs 161.79 crore on a 29.5% rise in net sales to Rs 660.13 crore in Q3 FY21 over Q3 FY20.

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