Nava Bharat Ventures on Wednesday announced that the company's board will consider a share buyback proposal on Friday, February 26.
Shares of Nava Bharat Ventures surged 15 percent to Rs 67.30 on the BSE during the trade on Wednesday after the announcement. Shares witnessed a spurt in volume by more than 7.26 times.
At 01.44 pm, the stock was trading 12 percent higher at Rs 65.65 on BSE. It touched an intraday high of Rs 67.30 during the trade.
Share or equity buyback is the practice in which firms plan to buy their own stock either through a tender offer or in an open market from their current shareholders. Usually, the buyback takes place when the price of the shares involved is higher than the prevailing market price.
The shares of the Company will remain closed between February 24, 2021, and March 02, 2021 (including all days) for all designated persons, their immediate relatives and all relevant persons covered by the Code.
The company has declared positive results in Dec'2020 after 2 consecutive negative quarters. Profit After Tax stood at Rs 118.45 cr, up by 149.1 %. Debt Equity ratio DEBT-was lowest at 0.59 times.
Nava Bharat is a diversified group of companies in the fields of metals manufacturing, fuel, mining, agribusiness and healthcare. In operations across two continents.