Gravita India advances after commencing commercial production

Gravita India rose 1.6% to Rs 174.95 at 10:47 IST on BSE after the company announced that it has started commercial production of PPCP Granules from its plant situated at Chittoor, Andhra Pradesh.

The announcement was made after market hours yesterday, 9 April 2018.

Meanwhile, the S&P BSE Sensex was up 72.15 points, or 0.21% to 33,860.69

On the BSE, 17,000 shares were traded in the counter so far compared with average daily volumes of 33,000 shares in the past two weeks. The stock had hit a high of Rs 177.90 and a low of Rs 174.80 so far during the day. The stock hit a 52-week high of Rs 193.85 on 12 January 2018. The stock hit a 52-week low of Rs 58.35 on 12 April 2017.

Gravita India said that the company has started commercial production of PPCP Granules by installing new imported washing line and extrusion line which is having annual capacity of 1200 MTPA. The production from plant will cater the needs of injection moulding and non-woven fabric industry globally.

The company has plans to increase the capacity of plant to 6000 MTPA by installing two more plastic recycling lines. This plastic recycling plant is replica of existing plant situated at Phagi, Jaipur which is running successfully and will help the company to increase its topline and bottom-line in FY 2018-19.

The company has plans to make investment of Rs 5 crore out of which Rs 0.28 crore has been invested for procuring and commissioning of washing and extrusion line having capacity of 1200 MTPA from internal accruals of the company.

On a consolidated basis, net profit of Gravita India rose 27.84% to Rs 10.47 crore on 44.78% rise in net sales to Rs 240.90 crore in Q3 December 2017 over Q3 December 2016.

Gravita India is a manufacturer & exporter of lead metal, specific lead alloys, lead oxides, lead sheet, lead powder.

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