1000% return in five years! Multibagger stock to declare buyback of shares soon

Stock Market Today: Multibagger stock Nava Limited, which has given 1,000% returns in the last five years, is likely to declare a buyback of shares soon.

Multibagger returns by Nava shares

Nava share price hit a 52-week high of ₹673.35 in September 2024 and has seen a sharp correction ever since amid a downturn in the equity markets largely due to valuation and economic growth concerns, global uncertainties, currency volatility and relentless seeing by foreign portfolio investors. Despite this fall, Nava's share price has risen multifold in the last two years from ₹130-135 levels in February 2023 to the current price of ₹378. Further, over the past five years, Nava share price is up almost 1,000% and has given multibagger returns to investors.

Nava is now expected to reward investors by declaring a buyback of shares.

Nava to consider share buyback soon

As per a release by the company, dated February 14, a meeting of the Board of Directors of the company will be held on Wednesday, February 19, 2025, inter alia, to consider the proposal for the buyback of equity shares.

Nava, as per the release, also informed exchanges that the trading window for dealing in the company's shares will remain closed from February 15, 2025, to February 21, 2025 (both days inclusive) for all the designated persons, their immediate relatives and all connected persons covered under the Code of Conduct. 

Other Developments

Nava had recently also intimated exchanges about CARE Ratings having upgraded the rating of Nava Bharat Energy India Limited (a subsidiary of Nava Limited).

The unsupported credit rating of NBEIL is upgraded as follows:

a) Long term: A- stable from BBB stable

b) Short term: A2 from A3

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.