Business interruption in Odisha works of Nava Limited

Nava Limited has announced that there has been an accidental damage in the raw material handling system, thereby affecting the raw material feeding system and other supporting infrastructure. There were no human injuries or casualties due to this accident. The Company has insurance coverage in place for material damage and business interruption.

Consequent to the failure of raw material feeding infrastructure, the production of Silico Manganese in our Odisha Works has been temporarily ceased. Currently, Odisha Ferro Alloys Plant is producing about 4,000 MT of Silico Manganese per month. Consequent to this accident, captive consumption of power of about 20 MW from our Captive Power Plant at Odisha Unit has also been affected. The Company estimates that full resumption of production and captive consumption of power at our Odisha Works will require about two (2) months.

Shares of Nava Bharat Ventures Limited was last trading in BSE at Rs. 410.90 as compared to the previous close of Rs. 401.45. The total number of shares traded during the day was 75077 in over 2008 trades.

The stock hit an intraday high of Rs. 416.00 and intraday low of 398.95. The net turnover during the day was Rs. 30784169.00.

Source : Equity Bulls

Keywords

Nava INE725A01022 BusinessInterruption OdishaWorks