Gravita India rose 3.01% to Rs 85.55 after the company signed an annual agreement with Gurgaon-based Luminous Power Tech for supplying 12,000 MT of refined lead and lead alloys.
At current lead prices, the approximate value of the contract is Rs 180 crore and the same is to be executed in calendar year 2021.
Luminous Power Technologies, part of the Schneider Group, has a wide range of innovative products in the power backup, home electrical and residential solar space that covers, inverters batteries, solar solutions to home electrical offerings such as fans, modular Switches and LED lighting having its wide presence in India as well as around the globe.
Yogesh Malhotra, whole-time director & CEO, Gravita India, said, "We are delighted to announce this prestigious contract win and association with Luminious, which is one of the most popular brands in India with a presence in over 36 countries. Apart from boosting sales and improving utilisations, this agreement will help the company to strengthen its market presence in domestic markets as well."
Gravita India has integrated operations in non-ferrous metals and plastics recycling, manufacturing and turnkey businesses in 8 countries of Asia, Africa and South America Continent. The company enjoys patronage of its products in more than 59 countries.
The company reported 79.7% jump in consolidated net profit to Rs 11.50 crore on a 3.6% rise in net sales to Rs 339.38 crore in Q2 FY21 over Q2 FY20.
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