Nava Bharat Ventures surges 10% on heavy volumes

The company has achieved provisional acceptance of its 300 MW power plant.

Nava Bharat Ventures surged 10% to Rs 149 on BSE after the company said it has achieved provisional acceptance of 300 MW power plant of the step-down subsidiary of the company, Maamba.

“The 300 MW power plant of Maamba Collieries, the step-down subsidiary of the company, has been in operation and has now achieved the provisional acceptance under the EPC contract, the company said in a BSE filing.

Following the capitalisation of the 300 MW power plant upon provisional acceptance, its commercial operations will be consolidated in the company's financial henceforth, it added.

Nava Bharat Ventures is a power focused company with interests in ferro alloys and sugar.

At 11:08 am; the stock was trading 8% higher at Rs 146, as compared to 0.43% fall in the S&P BSE Sensex. A combined 1.31 million shares changed hands on the counter on BSE and NSE so far.