Gravita India rises as its arm enters into MoU to establish recycling plant in Oman

Gravita India is currently trading at Rs. 476.50, up by 2.30 points or 0.49% from its previous closing of Rs. 474.20 on the BSE.

Gravita India
Gravita India

The scrip opened at Rs. 482.95 and has touched a high and low of Rs. 484.00 and Rs. 473.00 respectively. So far 5781 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 539.45 on 13-Feb-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. 508.00 and Rs. 461.25 respectively. The current market cap of the company is Rs. 3269.98 crore.

The promoters holding in the company stood at 73.00%, while Institutions and Non-Institutions held 3.70% and 23.31% respectively.

Gravita India’s step down subsidiary — Gravita Netherlands BV (GNBV) has executed a Memorandum of Understanding (MoU) to establish a recycling plant in Oman. This will be Gravita’s 1st recycling facility in middle eastern market.

GNBV will be holding 50% of equity with management control in the said project and remaining equity will be held by other partners based at Oman. In Phase-1, Battery recycling plant will be established with a capacity of 6,000 MTPA. Further, total investment in this Joint Venture for Phase-1 will be around Rs 40 crore and GNBV will be investing around Rs 20 crore towards its share in Fixed capital and working capital as its contribution.

The company is already having similar recycling facility in Togo, Senegal, Ghana, Mozambique, Tanzania, Sri Lanka and India. This is in alignment with the company’s expansion plan of replicating the recycling business in different geographies.

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

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