Nava Bharat inches close to new high

Nava Bharat Ventures hit an intra day high today at Rs.144.50; it was inches close to surpassing its 52-week high of Rs.145.60. Volumes are up over 2.5 times and the stock remains firmly in the green.

The reason for this spurt is the company’s announcement that it has successfully completed the sale of its entire 100% stake in Nava Bharat Lao Energy (NBLE) and thereby its 70% shareholding in Namphak Power Co (NPCL), by Nava Bharat (Singapore) (NBS).

The company has stated that NBS has entered into a sale and purchase agreement with Chaleun Sekong Group Sole Co., a company registered and existing under the Laws of the Lao PDR, to sell 100% equity stake in NBLE (wholly owned subsidiary of NBS) and thereby its 70% equity stake in NPCL which has been developing the 150 megawatts (MW) Hydel Power Project in Lao PDR.

Post this, NBLE and NPCL have ceased to be the subsidiaries of NBS and Nava Bharat Ventures with immediate effect.