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Gravita India rises after unit doubles recycling capacity

Capital Market 

Gravita India advanced 2.43% to Rs 46.30 after the company said that its step down subsidiary in West Africa has doubled the production capacity of its existing lead recycling plant to 12,000 MTPA.

Gravita India informed that its step down subsidiary, Recyclers Ghana, in Ghana, West Africa has enhanced the production capacity of its existing lead recycling plant from 6,000 MTPA to 12,000 MTPA. The group has made investment of approximately Rs 21 crore for establishment of this recycling plant which has been invested from internal accruals of the company.

The production from the Ghana plant will provide strategic advantage to the company to cater to the European and US market. This plant will help the company to save the logistics cost which will reduce the working capital cycle of the company resulting in better margins. Gravita Group is among top most recycling companies across the globe and installation of this plant will help company to increase its footprints and to expand its horizons across the globe.

Meanwhile, the S&P BSE Sensex was down 9 points or 0.03% to 37,094.81.

On the BSE, 6244 shares were traded in the counter so far compared with average daily volumes of 5960 shares in the past one quarter. The stock hit a high of Rs 47.5 and a low of Rs 45.1 so far during the day.

The stock hit a 52-week high of Rs 129.6 on 12 Sep 2018. The stock hit a 52-week low of Rs 30.1 on 09 Aug 2019.

Gravita India is one of the largest lead producers in India. The company is dedicated to lead & lead products with environment friendly 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: Fri, September 13 2019. 10:05 IST