Nova Iron & Steel Share Price

Nova Iron Steel Limited was incorporated in 1986. The company was promoted by Nova Magnetics, Nova ElectroMagnetics and Nova Steels, all belonging to R K Gambhir and G K Gambhir of the Nova group. The Company is engaged in the manufacture of sponge iron and steel. The company also provides product separation, screening, and storage facilities. During the year 199394, the company came out with a public issue of 5,27,00,000 equity shares of Rs 10 each for cash to part finance their sponge iron project at Bilaspur, Madhya Pradesh.In July 15, 1994, the company inaugurated the sponge iron plant at Bilaspur. In September 1994, they started trial production. The company entered into agreement with Nova Steels (India) Ltd for the supply of entire production of sponge iron. During the year 199495, the company started selling of their products in the market. The companys is one of the initial coalbased Sponge Iron Projects in India with the Technical know how from Lurgi Chemie MetaHurgie Industriebau GmbH, Germany.The 12 MW Waste Heat Recovery Based (WHRB) Power Plant and Induction Furnace was installed in 201516. 500 TPD Sponge Iron Plant operations started in 2016.Company installed a 12 MW WHRB Captive Power Plant and Steel Melting Shop (2,52,450 Ton/Annum) in the year 2016 12 MW Coal Based captive power plant in 2020. It started project for 1.0 MTPA Coal Washery with Coal Handling System in FY23. Company is under the process of increasing production capacity from 500 TPD to 1.5 Million Ton/Annum with Captive Power Plant of 311.5 MW by phased manner.