Nava Bharat Ventures Ltd enters into conversion agreement with Tata Steel subsidiary

Nava Bharat Ventures Ltd has entered into a Conversion Agreement with TATA Steel Mining Limited (TSML), wholly owned subsidiary of TATA Steel Limited (TSL), with which similar arrangement subsisted, for conversion of high carbon ferro chrome. The duration of the Conversion Agreement with TSML is from December 1, 2020 to March 31, 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.

Shares of NAVA BHARAT VENTURES LTD. was last trading in BSE at Rs.55.35 as compared to the previous close of Rs. 54.2. The total number of shares traded during the day was 199875 in over 2039 trades.

The stock hit an intraday high of Rs. 56.8 and intraday low of 54.4. The net turnover during the day was Rs. 11108627.

Source : Equity Bulls

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