Gravita India rises as its arm starts commercial production of Rubber Recycling in Tanzania
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Gravita India is currently trading at Rs. 543.05, up by 2.00 points or 0.37% from its previous closing of Rs. 541.05 on the BSE.
The scrip opened at Rs. 553.90 and has touched a high and low of Rs. 553.90 and Rs. 542.00 respectively. So far 4836 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 595.00 on 17-May-2023 and a 52 week low of Rs. 230.95 on 12-Jul-2022.
Last one week high and low of the scrip stood at Rs. 573.45 and Rs. 536.00 respectively. The current market cap of the company is Rs. 3782.24 crore.
The promoters holding in the company stood at 73.00%, while Institutions and Non-Institutions held 3.33% and 23.67% respectively.
Gravita India’s step down subsidiary -- Gravita Tanzania 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 to reduce its cost of production coupled with 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.
This diversification is in line with Gravita group’s ESG vision and it will help in synergy in sourcing of scrap along with optimization of procurement. Going forward, Gravita has plans to establish similar rubber recycling facilities at its other manufacturing locations also.
