Gravita India inches up as its step down arm starts commercial production of Lead from recycling plant in Togo
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Gravita India is currently trading at Rs. 749.40, up by 0.40 points or 0.05% from its previous closing of Rs. 749.00 on the BSE.
The scrip opened at Rs. 745.05 and has touched a high and low of Rs. 760.30 and Rs. 742.40 respectively. So far 15720 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 773.30 on 17-Aug-2023 and a 52 week low of Rs. 297.00 on 28-Sep-2022.
Last one week high and low of the scrip stood at Rs. 760.30 and Rs. 732.10 respectively. The current market cap of the company is Rs. 5162.66 crore.
The promoters holding in the company stood at 66.48%, while Institutions and Non-Institutions held 9.71% and 23.81% respectively.
Gravita India’s step down subsidiary situated in Togo, West Africa has started commercial production of Lead from its existing recycling plant having an annual capacity of around 6,000 MTPA. Further, the company has been sourcing scrap from Togo for the last 3 years and has set a strong scrap collection network before establishing the plant.
The company is already having similar Battery recycling facility in Tanzania, Senegal, Mozambique, Sri Lanka, Ghana and India. This is in alignment with the company’s vision of replicating its recycling business in different geographical locations. Further, the company is already having Aluminum recycling plant having an annual capacity of 4,000 MTPA in Togo, West Africa and this new facility will enjoy the benefits of economy of scale and will be cost effective due to saving in logistic cost.
The Group has invested around Rs 3.61 crore for commissioning of the new Battery recycling facility which is funded from internal accruals of the company. The company will be procuring domestic scrap for recycling from this plant and it will cater the needs of Battery Industry globally. This recycling facility will help company in expanding its recycling business.
Gravita India is a leading recycling company having its operations in Non-Ferrous Metals and Plastic Recycling.
