Gravita India surges on commencing production of PET recycling

Commercial production of PET recycling has commenced at Gravita Nicaragua S.A., Nicaragua

Shares of Gravita India surged 11% to Rs 34 after the company annouced its entry into plastic recycling business.

Commercial production of PET recycling has commenced from the plant of the step-down subsidiary Gravita Nicaragua S.A. situated in Nicaragua, the company said in a release.

The entry into PET recycling business will enhance the recycling DNA of the group. The present annual production capacity of the said plant is 3600 MTPA, the release added.

The stock opened at Rs 31.75 and touched a high of Rs 34.30. At 12:50pm, over 780,000 shares were traded on both the stock exchanges.