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Last Updated : Sep 13, 2019 01:05 PM IST | Source: Moneycontrol.com

Gravita India jumps 5% after increase in production of lead recycling plant in Ghana

The group has invested approximately Rs 21 crore from internal accruals for setting up the plant in Ghana.

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Gravita India rallied 5 percent intraday on September 13 after it said that its lead recycling subsidiary in Ghana had doubled its production capacity.

The stock has gained 25 percent in the last one month. It was quoting at Rs 47.45, up Rs 2.25, or 4.98 percent, on the BSE at 1231 hours.

Gravita India informed exchanges that its step-down subsidiary, Recyclers Ghana, in west Africa had enhanced the production capacity of its lead recycling plant from 6,000 MTPA to 12,000 MTPA.

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The group has invested around Rs 21 crore from its internal accruals for setting up of this recycling plant, the company said.

The production from the plant would provide strategic advantage to the company to cater to the European and US markets, it added.

Gravita said this plant would help the company to save the logistics cost, which would reduce the working capital cycle of the company, resulting in better margins.

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First Published on Sep 13, 2019 01:05 pm
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