Nava Bharat Ventures tanks 15% after poor performance in June quarter

NEW DELHI: Shares of Nava Bharat Ventures plunged 15 per cent on Thursday after the company reported a flop show in June 2021 quarter.

The ferro alloys manufacturer reported a sharp 60 per cent fall in consolidated net profit to Rs 95.43 crore in June 2021 quarter, the regulatory filing said.

The scrip tanked 15 per cent to Rs 107.20 on Thursday. It was trading at Rs 109.8 at 11.20 am. BSE Sensex was trading at 54,314.91, 55 points, or 0.10 per cent, lower at the same time. The counter settled at Rs 125.80 on Wednesday.

The company's revenue from operations declined 7 per cent to Rs 557.93 crore from Rs 599.32 crore during the period under review, the filing added.

Shares of Nava Bharat ventures have gained up to 75 per cent in 2021 so far. The scrip has delivered over 130 per cent returns in the last one year.

The company said its financial performance during the quarter, relative to previous periods, was marked by buoyant ferro alloy operations and resurgent coal mining on the positive side. The continued outage under major overhaul of one power unit in Zambia coupled with weakening merchant power market in India impacted it on the downside.