 "Nava Bharat Ventures surges on strong Q4 results")
Nava Bharat Ventures surged 11% to Rs 182 on the BSE after its net profit more than doubled to Rs 58 crore for the quarter ended March 2016 (Q4FY16) against Rs 24 crore in a year ago quarter.
Net sales grew by 7.9% at Rs 302 crore against Rs 280 crore in the corresponding quarter of previous fiscal.
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.
The board has recommended a dividend of Rs 3 or 150% on face value of Rs 2 per share.
The company said the board decided to deliberate on the issue of bonus shares to the shareholders, in a separate meeting to be convened later.
The stock hit a 52-week high of Rs 189 on the BSE in intra-day trade. The trading volumes on the counter jumped more than three-fold with a combined 530,012 shares changed hands on the NSE and BSE till 10:56 AM.
Net sales grew by 7.9% at Rs 302 crore against Rs 280 crore in the corresponding quarter of previous fiscal.
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.
The board has recommended a dividend of Rs 3 or 150% on face value of Rs 2 per share.
The company said the board decided to deliberate on the issue of bonus shares to the shareholders, in a separate meeting to be convened later.
The stock hit a 52-week high of Rs 189 on the BSE in intra-day trade. The trading volumes on the counter jumped more than three-fold with a combined 530,012 shares changed hands on the NSE and BSE till 10:56 AM.
