Buzzing Stock: Nava Bharat’s venture in Zambia receives commercial approval
DSIJ Intelligence / 28 Jul 2017
Company has been lately suffering from low prices on power exchanges and grid curtailment and due to that, its power business suffered in Telangana and Odisha.
The company’s stocks today touched the high of 149 from the opening price of Rs. 135 due to receipt of commercial operations of its stepped down Zambian subsidiary. Company has a Zambian coal and power project of 300MW which is operational since October 2016.
Company booked revenues of Rs. 68 million for FY17 to be set off against the project cost. This was at the rate of 50% capacity utilisation. However, it was awaiting commercial clearance and has been undergoing test.
This plant has PPA with ZESCO and has reached an agreement for rationalisation of power tariffs for domestic and mining uses. With this commercial launch, the operations will now be consolidated with the company. Company has been expecting commercial approval by June 2017.
Company expects to better utilise its ferro alloy capacities in FY18 driven by higher production of manganese alloy and higher conversions of ferrochrome units. This will help the company to internally utilise the power to generate and limit merchant sales.
Company has been lately suffering from low prices on power exchanges and grid curtailment and due to that, its power business suffered in Telangana and Odisha.
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