Nava Bharat Ventures

Breakout stocks: IDBI, Bandhan Bank, Exide Industries, Finolex Industries and Nava have recently witnessed a breakout on their respective technical charts; here's a strategy to trade.

In past four months, the stock price of Nava has appreciated by 84 per cent after the company recorded a remarkable financial performance for June quarter (Q1FY24).

The company reported robust growth in its operations, backed by solid traction in manganese alloy business in both export and domestic markets.

The major overhaul of one unit of the power plant which started in Jan 2021 is taking longer with a deformation observed in turbine's diaphragms and carrier, repairs to which was not possible.

Barring today's gain, the stock has added 20 per cent in the past three sessions

The meeting of the Board of Directors is scheduled on Friday, February 26

Company's 2X60 MW-Kharagprasad power plant in Odisha is partly facing the problems

The company has achieved provisional acceptance of its 300 MW power plant.

The stock rallied 12% to Rs 127 on the NSE after Reliance MF bought more than 4% stake through open market.

The company said that its Zambian subsidiary, MCL has repaid the sponsor bridge loan to Nava Bharat Group in full.

The stock hit 52-week high of Rs 189 after reported more than double net profit at Rs 58 crore for Q4FY16.

The agreement is for renewal of conversion arrangement of chrome ore into ferro chrome for 4 years