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Nava Bharat Ventures rises on monetizing movable assets of sugar division

Nava Bharat Ventures rose 3.19% to Rs 87.45 after the company said that it has entered into an agreement for sale of movable assets of its sugar division based in Andhra Pradesh (AP). In a regulatory filing made after trading hours on Monday, the company informed that it had entered into a binding agreement for the sale of plant and equipment, excluding land, pertaining to sugar division. In March 2020, the company s board had approved cessation of operations at the sugar plant situated at Samalkot in Andhra Pradesh after the end of the crushing season in March 2020. The company cited progressively unviable operations on account of diminishing sugar cane availability over the last few years as the reason for the closure.

Nava Bharat Ventures jumps after board OKs Rs 150 cr share buyback

Nava Bharat Ventures jumps after board OKs Rs 150 cr share buyback
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Nifty, Sensex under pressure due to rising bond yields and global cue – Weekly closing report

Nifty, Sensex under pressure due to rising bond yields and global cue – Weekly closing report Moneylife Digital Team  0 We had mentioned in last week’s closing report that Nifty, Sensex may try to bounce back. The major indices were volatile and ended with major losses. The trend of the major indices in the week is given in the table:     On Monday, the indices suffered a major correction. On the NSE, there were 561 advances, 1,388 declines and 86 unchanged.   Karnataka Bank reported a fraud to the RBI of about Rs 34.16 crore in credit facilities extended to IL&FS Transportation Networks.       Torrent Power emerged as the highest bidder for 51% privatisation of Power Distribution Company in the UT of Dadra & Nagar Haveli and Daman & Diu. 

Benchmarks pare losses; US Dow futures turn positive

The domestic equity benchmarks came off the day s low in mid-afternoon trade. The Nifty reclaimed the 14,600 mark. A spike in domestic and global bond yields coupled with rising coronavirus cases spoiled investors appetite for risk assets. At 14:21 IST, the barometer index, the S&P BSE Sensex, was down 1546.09 points or 3.03% to 49,493.22. The Nifty 50 index was down 437.20 points or 2.90% to 14,660.15. Meanwhile, the US Dow Jones 30 Futures bounced back and was trading up 50 points, indicating a flat to positive opening in the US market today. In the broader market, the S&P BSE Mid-Cap index declined 1.50% and the S&P BSE Small-Cap index lost 0.57%. Both the indices outperformed the Sensex.

Nava Bharat Ventures surges on buyback plan

Nava Bharat Ventures soared 11.75% to Rs 65.6 after the company said its board will consider a share buyback on 26 February 2021.In a BSE filing made on Tuesday (23 February), the company said that its board will meet on Friday, 26 February 2021, to consider the proposal for buyback of equity shares. Nava Bharat Ventures has presence in ferro alloys, power, mining, agribusiness and healthcare services. On a consolidated basis, the company posted a 168% jump in net profit to Rs 161.79 crore on a 29.5% rise in net sales to Rs 660.13 crore in Q3 FY21 over Q3 FY20. Powered by Capital Market - Live News (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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