India's Nava rises after unit buys back $50 million worth of shares

Nava

06/01/2026 05:31

** Shares of Nava NAAL.NS rise nearly 3% to 600 rupees, its highest level since November 6

** The mining and power generator's unit to buy back up to 9.9 mln shares from Nava at $5.04 per share, totalling about $50 million

** "By unlocking capital from a mature subsidiary and redeploying it in line with our strategic priorities, we are improving capital efficiency, optimising returns, and enhancing shareholder value," says Ashwin Devineni, MD and CEO.

** NAAL rose nearly 15% in 2025

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))