Nava Bharat up over 5%

Nava Bharat Ventures is doing very well today morning. The stock is up almost 5.5% at Rs.143 levels with an intra day high at Rs.144.90. Volumes are up 4.25 times. Its 52-week high is at Rs.235.

The stock is reacting positively, reacting to the news it announced yesterday after market hours. The company stated that it has entered into a Conversion Agreement with M/s. Tata Steel Limited (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 4 years. The Agreement postulates that the entire smelting capacity of the Odisha plant is dedicated for TSL to ptoduce up to 70,000 MT of High Carbon Ferro Chrome per annum.