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Gravita India advances after starting production of polypropylene

Capital Market 

Gravita gained 2.16% to Rs 80.50 at 12:00 on after the company said that it has started commercial production of polypropylene.

The announcement was made during market hours today, 20 June 2017.

Meanwhile, the S&P Sensex was up 27.36 points, or 0.09%, to 31,338.93. The S&P Small-Cap index was up 70.90 points, or 0.45%, to 15,724.87.

On the BSE, 53,907 shares were traded on the counter so far as against the average daily volumes of 1.23 lakh shares in the past one quarter. The stock had hit a high of Rs 82 and a low of Rs 78.80 so far during the day. The stock had hit a 52-week high of Rs 89.05 on 18 May 2017. The stock had hit a record low of Rs 16 on 24 June 2016.

The stock had underperformed the market over the past one month till 19 June 2017, falling 5.91% compared with 2.78% rise in the Sensex. The scrip had outperformed the market in past one quarter, gaining 35.05% as against Sensex's 5.61% gains. The scrip had also outperformed the market in past one year, surging 359.48% as against Sensex's 17.6% gains.

The small-cap company has equity capital of Rs 13.70 crore. Face value per share is Rs 2.

Gravita said that it has started commercial production of washed polypropylene by installing new automated eco-friendly washing line having annual capacity of 6,000 metric ton per annum (MTPA) at its existing recycling unit situated in Jaipur. The company has made investment of around Rs 1.5 crore on procuring and commissioning of the plant which is invested from internal accruals of the company.

The washing line plant will strengthen the plastic recycling segment of the company and will help in manufacturing more value added products. The company expects an increase of Rs 3 crore in its bottom line after the production.

Gravita reported consolidated net profit of Rs 10.18 crore in Q4 March 2017 compared with net loss of Rs 0.21 crore in Q4 March 2016. Net sales rose 72% to Rs 201.63 crore in Q4 March 2017 over Q4 March 2016.

Gravita India is engaged in the business of manufacturing of lead metal by recycling & smelting process.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 20 2017. 12:38 IST