Shares in Nava Bharat Ventures surged on the BSE this morning, after the company's overseas unit Nava Bharat Singapore signed a pact with The Republic of Zambia for acquiring 65% stake in Maamba Collieries for a consideration of $26 million.
The company announced acquisition before trading hours today, 21 December 2009.
Meanwhile, the BSE Sensex was down 68.43 points, or 0.41%, to 16,651.40.
On BSE, 11,228 shares were traded in the counter as against an average daily volume of 18,365 shares in the past one quarter.
The stock hit a high of Rs 392.70 and a low of Rs 383.15 so far during the day. The stock had hit a 52-week high of Rs 442.90 on 25 August 2009 and a 52-week low of Rs 98.20 on 29 January 2009.
The mid-cap stock had underperformed the market over the past one month till 18 December 2009, falling 3.1% as compared to the Sensex's 1.64% fall. It had outperformed the market in the past one quarter, rising 3.85% as compared to the Sensex's decline of 0.13%.
The company's equity capital is Rs 15.19 crore. Face value per share is Rs 2.
The current price of Rs 392.30 discounts the company's Q2 September 2009 annualized EPS of Rs 63.22, by a PE multiple of 6.21.
The acquisition was made pursuant to the selection of Nava Bharat against a global tender issued for inducting a private majority partner.
Nava Bharat Ventures' net profit rose 1.2% to Rs 120.03 crore on 39.5% fall in net sales to Rs 240.94 crore in Q2 September 2009 over Q2 September 2008.
Nava Bharat Ventures manufactures ferro alloys which are utilized by the steel industry. The company also generates & distributes power and manufactures sugar
Source: India Info-online
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