Gravita India shines on commencing new Battery recycling unit at Gujarat

Gravita India is currently trading at Rs. 244.50, up by 10.05 points or 4.29% from its previous closing of Rs. 234.45 on the BSE.

The scrip opened at Rs. 239.55 and has touched a high and low of Rs. 249.70 and Rs. 238.10 respectively. So far 42104 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 2 has touched a 52 week high of Rs. 249.70 on 13-Dec-2021 and a 52 week low of Rs. 53.00 on 11-Dec-2020.

Last one week high and low of the scrip stood at Rs. 249.70 and Rs. 200.85 respectively. The current market cap of the company is Rs. 1682.11 crore.

The promoters holding in the company stood at 73.00%, while Institutions and Non-Institutions held 0.86% and 26.14% respectively.

Gravita India has commenced new Battery recycling unit at Mundra Port, Gujarat. In Phase-I, 19,500 MTPA plant is strategically located at the Mundra Port and is equipped with state-of-the-art facility facilities including latest technology and automated processes.

Gravita is expecting an increase in share of higher-margin business from the key overseas market across Lead, Aluminium and Plastic recycling segment. Closer proximity to the port will increase efficiency of operations as import of scrap and export of finished goods will be carried out using the same port. This will result in optimization of logistics cost coupled with reduction in working capital cycle of the company. Overall, the plant is well positioned to cater to the growing demand from overseas market and with higher operational efficiency it is expected to further enhance profitability of the company.

The Company has incurred capital expenditure of Rs 32 crore for setting up of the Phase-I of the facility for which Rs 26 crore has been funded through external borrowings and remaining by internal accruals. Going forward, company has plans to incur additional capital expenditure of Rs 30 crore on this facility so as to increase the capacity of this plant from 19,500 MTPA to 48,000 MTPA.

Gravita India is a leading recycling company having its operations in Non-Ferrous Metals and Plastic Recycling.

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