Heavy buying witnessed in this multibagger stock which surged more than 17 per cent today!
The stock has shown positive traction this year and has given multibagger returns of more than 118 per cent on an annual basis
On Tuesday, shares of Nava Ltd surged over 17 per cent to make an intraday high of Rs 245.60. The scrip witnessed high volume and closed 15.71 per cent up at Rs 242.70.
On December 15, 2022 the company informed the exchange, through its press release, that the company’s step-down subsidiary, Maamba Collieries Limited (MCL), has been pursuing International Arbitration against Zambia Electricity Supply Corporation Limited (ZESCO) for outstanding receivables.
The Arbitral Tribunal has issued a “Consent Award” settling all the claims and confirming the Payment Plan to liquidate the outstanding arrears following an agreement reached between MCL and ZESCO.
As per the Consent Award, ZESCO shall, by August 2023, discharge the outstanding and overdue arrears aggregating to about US$ 518 million as of October 31, 2022 after adjusting for a cash discount of US$ 60 million, extended by MCL. As part of the Award, ZESCO is mandated to discharge the VAT liability of about US$ 70 million, forming part of the total arrears as above, directly to the Government.
Nava Bharat Ventures Ltd was established in 1972 as an Indian ferro alloys manufacturer operating in India, South East Asia and Africa with businesses in metals manufacturing, power, mining, agribusiness and healthcare. Its 65 per cent owned subsidiary, Maamba Collieries Ltd is Zambia’s largest coal mine concessionaire, which also led to the development of a 300 MW power plant in Zambia which represents 10 per cent of Zambia’s total installed power generation capacity.
The stock has shown positive traction this year and has given multibagger returns of more than 118 per cent on an annual basis. Keep a close eye on this trending power generation company.