Superstar Portfolio Stock: Shares of this multibagger stock jumped over 11 per cent after the announcement of a EURO 34 million fund raise!
The shares of the company also traded at a new 52-week high with a spurt in volume by more than 8.95 times on BSE.
Gravita India Limited (“Gravita” or the “Company), a leading "Recycling Company" having it’s a manufacturing presence around the globe, announced that its step-down subsidiary Gravita Netherlands BV has been provided EURO 34 million ESG loan from European Developmental Financial Institutions PROMOTION AND PARTICIPATION COMPANY FOR ECONOMIC COOPERATION S.A. “Proparco” and Oesterreichische Entwicklungsbank AG “OeEB”.
The Facility has been granted after rigorous due diligence on various Environmental, Social and Governance aspects at Gravita's manufacturing subsidiaries which showcases the company's commitment to sustainability and a circular economy. This facility enables Gravita’s offshore businesses to gain financial independence for their capex and working capital needs.
On Wednesday, shares of Gravita India zoomed over 11 per cent to an intraday high of Rs 567.65 per share. At 03:30 pm, shares of the company ended the trading session in the green, up 9.24 per cent to Rs 558 per share. The shares of the company also traded at a new 52-week high of Rs 567.65 with a spurt in volume by more than 8 times on BSE.
Gravita India Ltd is one of the largest lead producers in India. The company has also reduced its debt in the current financial year. As of March 2023, Ashish Kacholia owns a 2.15 per cent stake in the company. Furthermore, the company have reported excellent Quarterly Results (Q4) and annual results (FY23).
The stock gave multibagger returns of over 495 per cent in just 2 years whereas BSE Small-Cap Index is just up by 36 per cent. The stock has an ROE of 41.20 per cent and a ROCE of 31.10 per cent.
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