Shares of Gravita India jumped 11 percent on May 3 and hit their record high at Rs 567.65, after the company's arm got a loan of 34 million Euros from European Developmental Financial Institutions.
Bumper quarterly earnings also aided the upmove in the stock. During Q4FY23, the company reported a net profit of Rs 63.81 crore up by 54.35 percent YoY while EBITDA margin expanded by 39 bps to 11.35 percent.
The recycling company announced that its step-down subsidiary, Gravita Netherlands BV, has been provided 34 million Euros ESG loan from European Developmental Financial Institutions, it said in a regulatory filing.
At 12:21 pm, Gravita India was quoting at Rs 561.75, up Rs 50.95, or 9.97 percent.
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The facility has been granted after rigorous due diligence on various Environmental, Social and Governance aspects at Gravita's manufacturing subsidiaries.
“This facility enables Gravita’s offshore businesses to gain financial independence for their capex and working capital needs. The facility is guaranteed by the parent Gravita India Limited,” the company said.
The company will leverage the loan towards strengthening Gravita's sustainability initiatives.
Gravita India Ltd is one of the largest lead producers in India and aspires to be the most valuable company in the recycling space globally.
The company’s stock was trading with volumes of 156,839 shares today, as compared with its five-day average of 24,150 shares, implying an increase of 549.44 percent.
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