Nava Ltd to discontinue conversion agreement with TATA Steel Mining Ltd

NAVA LIMITED (Formerly Nava Bharat Ventures Ltd.) has a subsisting Conversion Agreement with TSML, a Tata company, for production of High Carbon Ferro Chrome (HCFC) in its Odisha Works. This Agreement is for the period up to March, 2025.

However, the Company has encountered technical issues in the production of HCFC for TSML, impacting the Plant's productivity parameters. It has therefore been decided to discontinue the Conversion of HCFC for TSML at the end of October, 2022.

The Company will undertake a scheduled maintenance of the Odisha smelters in November, 2022 and switch over to production of Manganese alloys in Odisha Works. The Company has geared up for this additional production in Odisha, besides that in Telangana, aggregating to a rated capacity of 1,80,000 MT of Manganese Alloys per annum. The switchover would provide the Company better economies of scale and improved market share in the Manganese alloys segment.

Shares of Nava Limited was last trading in BSE at Rs. 253.00 as compared to the previous close of Rs. 257.15. The total number of shares traded during the day was 40977 in over 1539 trades.

The stock hit an intraday high of Rs. 263.50 and intraday low of 251.50. The net turnover during the day was Rs. 10503644.00.

Source : Equity Bulls

Keywords

Nava INE725A01022 ConversionAgreement TataSteelMining Discontinue