Know why Nava Bharat Ventures is doing well in the markets today

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Know why Nava Bharat Ventures is doing well in the markets today
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Shares of Nava Bharat Ventures Ltd., a power producer, soared limit up 20 percent after an overseas unit achieved financial closure, signalling incoming revenues.

Nava Bharat said in a statement its step down subsidiary, Maamba Collieries Ltd., in Zambia had achieved financial closure to the tune of 828 million dollars. The 300 MW coal fired power project is funded in the ratio of 7:3 for Debt to equity. It will commence operations in mid-2016.

Nava Bharat Ventures rose 28.25 rupees, or 20 percent, to 169.25 rupees on the National Stock Exchange, where 1.78 lakh shares were traded in the three hours of trade compared with a 5-day average of just 5,800 shares.

The market capitalisation of Nava Bharat has slumped 29 percent to 1,512 crore rupees in the past one year as investors preferred to stay away from commoditized companies in the power sector.

(Image credits: vifia)