Gravita announces expansion, stock soars

Gravita India Limited, a leading recycling company, has said that the company has expanded the capacity of its existing plant located at Chittoor, Andhra Pradesh, by installing new washing line and PPCP granules extrusion lines having annual capacity of 4,800 MTPA.

The production from the plant will cater to the needs of PP/HDP E moulding & fibre Industries globally. At present, the company is utilizing full capacity of its existing plastic plant and after this expansion, the capacity of Chittoor plant in plastic segment will be 6,000 MTPA .

The company has invested Rs 171.00 lakh, partly by way of leasing and partly from its internal accruals for the expansion.

Last one week high and low of the scrip stood at Rs 125.50 and Rs 95.00, respectively. The current market cap of the company is Rs. 688.84 crore.

The company is a leader in integrated operations of non‐ferrous metals and plastics, having recycling, manufacturing and turnkey business in more than 7 countries in the continents of Asia, Africa and America. Its products cater to auto, telecom, power, nuclear and medical industry. It derives 62 per cent revenue from international market and 38 per cent from domestic market. Its product mix comprises of refined lead (33.4 per cent), lead alloy (25.08 per cent), others (18.2 per cent), remelted lead (15.7 per cent), aluminium (6.4 per cent) and lead value-added products (0.60 per cent).

On Friday’s trade the stock has opened at Rs.103.45 and touched a high/low of Rs.109/Rs.102.30, respectively. At 9:59 am, the stock was quoting at Rs.106.80 up by 6.59%