Gravita India surges as its arm starts commercial production of Aluminium Cast-Alloys in West Africa

Gravita India is currently trading at Rs. 390.80, up by 11.75 points or 3.10% from its previous closing of Rs. 379.05 on the BSE.

Gravita India
Gravita India

The scrip opened at Rs. 376.65 and has touched a high and low of Rs. 399.95 and Rs. 374.50 respectively. So far 106625 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 2 has touched a 52 week high of Rs. 399.95 on 06-Dec-2022 and a 52 week low of Rs. 200.85 on 06-Dec-2021.

Last one week high and low of the scrip stood at Rs. 399.95 and Rs. 352.00 respectively. The current market cap of the company is Rs. 2693.86 crore.

The promoters holding in the company stood at 73.00%, while Institutions and Non-Institutions held 0.98% and 26.01% respectively.

Gravita India’s step down subsidiary — Gravita Togo SAU situated in Togo, West Africa has started commercial production of Aluminium Cast-Alloys from a new recycling plant having an annual capacity of around 4,000 MTPA in phase I.

The Company is expecting an additional revenue of around Rs 60 crore per annum with a gross margins of around 26% from the new capacity.

Further, the company has been sourcing scrap from Togo for the last 3 years and has set a strong scrap collection network before establishing the plant.

The company is already having similar Aluminium recycling facility in Tanzania, Senegal, Mozambique and India. This is in alignment with the company’s vision of replicating the recycling business in different geographies.

The Group has invested around Rs 11 crore for procuring and commissioning of the new recycling plant which is funded from internal accruals of the company.

The company will be procuring domestic Aluminium scrap for production from this plant and it will cater the needs of Aluminium die casting components manufacturing industries of Auto & FMCG sector located in China, Japan, Thailand, Korea and Vietnam.

Gravita Group is among one of the most reputed recycling companies across the globe and this new recycling facility will help company in augmenting its Aluminium segment capacity in Africa.

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