Gravita India rises as its arm starts commercial production of Rubber Recycling in Tanzania!
Shares of the company have gained more than 50% in the last six months.
Capital Expenditure of Rs 3.86 crore
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 the 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 the 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.
Share price movement of Gravita India Limited
Today, the stock opened at Rs 553.90, with a high and low of Rs 555.25 and Rs 537.50. The stock closed trading at Rs 555, up by 2.58%. The stock has a 52-week high of Rs 595 and a 52-week low of Rs 230.95.
Company profile
Gravita India Ltd is one of the largest lead producers in India. The company's business is organized across four specialized verticals: Lead Recycling (flagship), Aluminium recycling, Plastic recycling and Turnkey projects. The company also has expertise in the recycling of used batteries, cable scrap/other Lead scrap, Aluminium scrap, Plastic scrap, etc.
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