Nava Bharat Ventures Surges 13% As Reliance MF Buys Stake

Shares of Nava Bharat Ventures rallied as much as 13 per cent to hit intraday high of Rs 127 on Friday. Traders attributed the rally in Nava Bharat Ventures to buying by Reliance Mutual Fund, which according National Stock Exchange data, bought 3.97 million shares at price of Rs 112 per share. 

The stake was sold by HC Mauritius, which sold 4 million shares at price of Rs 112.01, according to NSE data.

Hyderabad-based Nava Bharat Ventures, which has business interest in power generation, ferro alloys, mining and agri-business, also saw a spike in trading volumes. On the Bombay Stock Exchange, 2.61 lakh shares changed hands as compared with average of 1.66 lakh shares traded daily in the past two weeks.

As of 12:43 p.m., Nava Bharat Ventures shares traded 9 per cent higher at Rs 122.70 on the National Stock Exchange, outperforming the Nifty which was up 1 per cent.