Gravita India jumps post signing contract with Amara Raja Batteries

Gravita India soared on the bourses on Wednesday after the company announced signing a contract with Amara Raja Batteries for collection and recycling arrangements of scrap lead acid batteries.

Under the contract, Gravita will collect lead acid battery scrap from designated locations of Amara Raja. The contract is a joint initiative under which used batteries will be recycled into pure lead or lead alloys and supplied back to Amara Raja. The supplies under the contract will be effected during FY 2018‐19.

Gravita is targeting supply of about 8,000 MT of lead to Amara Raja under the contract which will help Gravita strengthen its topline in FY2018‐19.

Gravita India is a manufacturer and exporter of lead metal, specific lead alloys, lead oxides, lead sheet and lead powder.

On Wednesday, Gravita India closed at Rs. 165.60 per share, up Rs. 2.80 or 1.72 per cent on NSE. The stock opened at Rs. 167 and touched an intraday high of Rs. 170.95 per share on NSE. The stock attracted a trading volume of 1,75,606 shares on NSE.