Nava Bharat Ventures rose 6.58% to Rs 144.25 at 9:54 IST on BSE after the company said it entered into an agreement with Tata Steel for conversion of chrome ore into ferro chrome.
The announcement was made after market hours yesterday, 14 September 2015.
Meanwhile, the BSE Sensex was down 24.26 points, or 0.09%, to 25,832.44.
On BSE, so far 14,000 shares were traded in the counter, compared with an average volume of 5,568 shares in the past one quarter.
The stock hit a high of Rs 144.90 and a low of Rs 139.60 so far during the day. The stock hit a 52-week high of Rs 235 on 15 September 2014. The stock hit a 52-week low of Rs 128.15 on 26 August 2015.
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The stock had underperformed the market over the past one month till 14 September 2015, sliding 12.14% compared with 7.88% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 7.04% as against Sensex's 2.15% decline.
The small-cap company has an equity capital of Rs 17.86 crore. Face value per share is Rs 2.
Nava Bharat Ventures announced that the company has entered into an agreement with Tata Steel (TSL) for conversion of chrome ore into ferro chrome, and the arrangement will commence upon the receipt of ore and reductants from TSL during this month.
The agreement is initially up to the end of March 2016 and extendable on mutually agreed terms for a further period of four years. The agreement requires that the entire smelting capacity of the Odisha plant is dedicated for TSL to produce up to 70,000 metric tonne (MT) of high carbon ferro chrome per annum, the company said.
Net profit of Nava Bharat Ventures declined 76.96% to Rs 12.96 crore on 34.50% decline in net sales to Rs 200.55 crore in Q1 June 2015 over Q1 June 2014.
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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