Nava Bharat Ventures surges nearly 18% on pact with Tata Steel
The stock surged 17.44 per cent to Rs 158.95 on the BSE. During the day, it jumped 19.5 per cent to Rs 161.75.
By PTI | Updated:
MUMBAI: Shares of Nava Bharat Ventures zoomed nearly 18 per cent today after the company entered into an agreement with Tata Steel.
The stock surged 17.44 per cent to Rs 158.95 on the BSE. During the day, it jumped 19.5 per cent to Rs 161.75.
On the NSE, shares of the company soared 17.66 per cent to Rs 160.50.
In a filing to BSE yesterday, Nava Bharat Ventures said it has entered into a pact with Tata Steel 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 for four years, it said.
The entire smelting capacity of the Odisha plant is dedicated for TSL to produce up to 70,000 MT of high carbon ferro chrome per annum, the filing added.
The stock surged 17.44 per cent to Rs 158.95 on the BSE. During the day, it jumped 19.5 per cent to Rs 161.75.
On the NSE, shares of the company soared 17.66 per cent to Rs 160.50.
In a filing to BSE yesterday, Nava Bharat Ventures said it has entered into a pact with Tata Steel 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 for four years, it said.
The entire smelting capacity of the Odisha plant is dedicated for TSL to produce up to 70,000 MT of high carbon ferro chrome per annum, the filing added.
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