Nava Bharat Ventures has rallied 13% to Rs 250, also its 52-week high on the BSE, after the company announced that its Zambian subsidiary, Maamba Collieries Limited (MCL) has repaid the sponsor bridge loan to Nava Bharat Group in full.
“The company’s Zambian subsidiary, Maamba Collieries Limited (MCL) has concluded accession of additional long term debt. With this, MCL’s integrated coal and power project is funded, with long term external total debt of USD 590 million,” Nava Bharat Ventures said in a BSE filing.
Total debt including the debt of US$ 515 million for which the financial closure was announced earlier, it added.
Meanwhile, the stock has outperformed the market by surging 51% in past one month, after the company reported more than doubled net profit of Rs 58 crore for the quarter ended March 2016 (Q4FY16) against Rs 24 crore in a year ago quarter. The S&P BSE Sensex was up 0.7% during the same period.
The company attributed better performance during the quarter owing to a combination of positive factors like better margins for power and sugar with better volumes of sale for power and ferro alloys.
At 12:29 AM, the stock was up 10% at Rs 243 on the BSE. A combined 1.57 million shares changed hands on the counter on the NSE and BSE.
Source: Business Standard