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Shares of Nava Ltd. traded 4.73 percent higher at Rs 249.15 per piece on the BSE on Friday before reaching the intraday high of Rs 256.60 earlier in the session.

The stock has surged more than double its value in the past year. More than 1.22 lakh shares were traded on the BSE till 2:49 pm.

In the past month, the stock has gained 36.72 percent while in the past one-year period it has surged 126 percent.

Earlier this month, the company announced that its step-down subsidiary, Maamba Collieries Ltd., was pursuing international arbitration against Zambia Electricity Supply Corporation Ltd. for outstanding receivables.

The arbitral tribunal issued a consent award, directing ZESCO to discharge the outstanding and overdue arrears aggregating to about $518 million by August 2023.

“This is a consent award issued by an international arbitration tribunal based in London," Sultan Baig, Chief Financial Officer at Nava, had told CNBC-TV18.

In the September quarter, the ferroalloys manufacturer’s net profit increased by 341.75 percent to Rs 137.36 crore from Rs 31.10 crore in the year-ago quarter.

The revenue declined by 9.92 percent to Rs 741.68 crore, compared to Rs 823.35 crore in the same quarter last year, and EBITDA increased 1.42 percent to Rs 409.66 crore during the quarter on a YoY basis.

Shares of Nava Ltd. ended 3.65 percent higher at Rs 247 on Friday.

(Edited by : Rukmani Krishna)