High ROE and High ROCE multibagger stock: This small-cap company started commercial production of rubber recycling in Tanzania, East Africa!
The stock gave multibagger returns of over 400 per cent in just 3 years whereas BSE Small-cap Index is just up by 35 per cent.
Gravita India Limited, a leading "Recycling Company" having its manufacturing presence around the globe, hereby informs that the company Gravita Tanzania Limited, a step down subsidiary of the company situated in Tanzania, East Africa has started commercial production and recycling of waste rubber with an annual capacity of around 3,000 MTPA in Phase-1.
Going forward the group has plans to increase the said capacity to 6,000 MTPA. The Company has incurred capital expenditure of Rs 3.86 crore for setting up of the facility in Phase-1 which has been funded through internal accruals.
This new recycling plant will help Gravita Tanzania Limited to reduce its cost of production coupled with a reduction in carbon footprints as pyrolysis oil generated during the rubber recycling process will be used by the company for in-house consumption as an alternative source of energy for recycling of Battery and Aluminum scrap. Going forward, Gravita has plans to establish similar rubber recycling facilities at its other manufacturing locations too.
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On Thursday, shares of Gravita India plunged 0.13 per cent to Rs 541.05 per share from its previous closing of Rs 541.05 with an intraday high of Rs 553.90 and an intraday low of Rs 539.75.
The company reported excellent numbers in its Quarterly Results (Q4) and annual results (FY23). The stock has an ROE of 41.20 per cent and a ROCE of 31.10 per cent with a 1-year CAGR of 104 per cent.
The stock gave multibagger returns of over 400 per cent in just 3 years whereas BSE Small-cap Index is just up by 35 per cent.
Investors should keep an eye on this small-cap stock.
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