Nava Bharat rises and falls

Nava Bharat Ventures is very much in the limelight today after the company said that it entered into an agreement for sale of movable assets of its sugar division based in Andhra Pradesh. This is for the sale of plant and equipment, excluding land, pertaining to sugar division.

The company cited progressively unviable operations on account of diminishing sugar cane availability over the last few years as the reason for the closure.

The stock, which had closed yesterday at Rs.84.75, it opened at Rs.86.75 and went on to hit a new 52-week high at Rs.89.15 but profit booking at this level has now pushed the stock into the red at Rs.81.25 and in now trading at Rs.83 levels, down 1.5%.