Gravita India gains after its arm starts Plastic Recycling Plant in Ghana

Gravita India is currently trading at Rs. 374.55, up by 1.05 points or 0.28% from its previous closing of Rs. 373.50 on the BSE.

Gravita India
Gravita India

The scrip opened at Rs. 377.80 and has touched a high and low of Rs. 380.10 and Rs. 371.35 respectively. So far 39148 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 2 has touched a 52 week high of Rs. 398.20 on 03-Feb-2022 and a 52 week low of Rs. 189.25 on 23-Nov-2021.

Last one week high and low of the scrip stood at Rs. 380.10 and Rs. 345.55 respectively. The current market cap of the company is Rs. 2591.68 crore.

The promoters holding in the company stood at 73.00%, while Institutions and Non-Institutions held 1.13% and 25.87% respectively.

Gravita India’s step down subsidiary situated in Ghana, West Africa has started commercial production of Recycled Polypropylene Granules from its new recycling plant having an annual capacity of around 1,200 MTPA in phase 1. Further, company has plans to increase this capacity to 2,700 MTPA in next phase.

The company is already having similar plastic recycling facility in Senegal, Mozambique and India. Further, this is in line with the company’s vision of replicating the recycling business in different geographies.

The Group has made investment of approximately Rs 1.90 crore for procurement and commissioning of this new Recycling Plant which is invested from internal accruals of the company.

The company will be procuring domestic plastic scrap for the purpose of production from this plant and it will cater to the needs of plastic manufacturing industries situated in North America, Europe & Asia.

This plant will help company to change its sales mix by increasing the contribution from plastic business.

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

Please share this news

Check Also

LG Electronics hosts grand finale of All India K-Pop Contest 2023

Udaipur : LG Electronics, India’s leading consumer durables brand, hosted the grand finale of the …