Nava Bharat Ventures share price gained 6 percent intraday on December 3 after the company entered into a conversion agreement with Tata Steel Mining.
The company has entered into a conversion agreement with Tata Steel Mining Limited (TSML), a wholly-owned subsidiary of Tata Steel (TSL), with which similar arrangement subsisted, for the conversion of high carbon ferrochrome.
The duration of the conversion agreement with TSML is from December 1, 2020 to March 31, 2025.
The agreement postulates that the entire smelting capacity of the Odisha plant is dedicated to TSML to produce up to 70,000 metric tons of high carbon ferrochrome per annum.
Thereby, the arrangement should provide long-term operational stability for the Ferro Alloy plant and associated Captive Power Plant at Odisha, company said in release.
At 10:40 hrs Nava Bharat Ventures was quoting at Rs 57.35, up Rs 1.90, or 3.43 percent on the BSE.
The share touched its 52-week high Rs 95.20 and 52-week low Rs 32.40 on 17 January 2020 and 24 March 2020, respectively.
Currently, it is trading 39.76 percent below its 52-week high and 77.01 percent above its 52-week low.
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