Gravita India turns volatile on plan to expand base in South India

Gravita India was down 4% to Rs 31.20 at 13:22 IST on BSE after the company said it proposes to expand its manufacturing base in Southern India.

The announcement was made during trading hours today, 3 December 2015.

Meanwhile, the BSE Sensex was down 169.30 points, or 0.65%, to 25,948.55.

On BSE, so far 1.83 lakh shares were traded in the counter, compared with an average volume of 12,999 shares in the past one quarter.

The stock rose 4.92% at the day's high of Rs 34.10 so far during the day. The stock fell 4.77% at the day's low of Rs 30.95 so far during the day.

The stock hit a 52-week high of Rs 76.25 on 3 December 2014. The stock hit a 52-week low of Rs 24.60 on 24 August 2015.

The stock had outperformed the market over the past one month till 2 December 2015, rising 14.24% compared with 1.66% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 15.66% as against Sensex's 2.61% rise.

The small-cap company has an equity capital of Rs 13.67 crore. Face value per share is Rs 2.

Gravita India announced that it acquired 8.38 acres of industrial land in Chittoor district of Andhra Pradesh for its future expansion and to have its manufacturing base in Southern India.

On a consolidated basis, Gravita India's net profit fell 24.2% to Rs 2.82 crore on 32.1% decline in net sales to Rs 103.96 crore in Q2 September 2015 over Q2 September 2014.

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

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