Gravita India commences production of Lead Tetra Oxide

Lead manufacturing company Gravita India shot up on the bourses on Friday to hit its 52-week high of Rs. 179 per share following the commencement of the commercial production of Lead Tetra Oxide.

The company began the production of Lead Tetra Oxide post the installation of a new state of art continuous process production plant at its Jaipur unit. The plant's capacity is 7,500 MTPA.

With the addition of Lead Tetra Oxide to its product portfolio, the company will foray into new segments such as ceramic tiles, crystal glass, anti-corrosive paints and inverter and solar batteries. The company has made an investment of nearly Rs. 183 lakh for the procurement and commissioning of its modern plant at Jaipur.

The stock has recorded a surge of 339 per cent on the bourses in the span of last one-year. The company’s net profit has also witnessed an increase of over 592 per cent to Rs. 22.65 crore in the fiscal year 2017 on a yearly basis. For the September-ended quarter, the company posted a 28.96 per cent hike in its net profit.

The stock closed at Rs. 176.20 per share, up by 6.21 per cent on January 5, 2018, on BSE.