Gravita India Ltd shares rallied four percent on Friday, June 6, after reports suggested that the domestic incentive scheme to recycle critical minerals is close to approval.
According to reports, India is close to finalising an incentive scheme aimed at boosting the recycling of critical minerals, as part of its broader push toward clean energy targets, a government document from the mines ministry shows.
The initiative is expected to offer capital expenditure subsidies to qualified recyclers and will cover materials like lithium-ion batteries. The scheme will support recycling efforts for 24 key minerals, including lithium and cobalt, and is likely to roll out later this year.
At 1.30 pm, Gravita India's shares were quoting Rs 1,866.1, higher by 2 percent on the NSE. The stock was trading off the day's high of Rs 1,910, gaining four percent.
Gravita India shares have rallied around 70 percent over the past year, while falling around 16 percent over the past six months.
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Commerce and Industry Minister Piyush Goyal on Thursday, June 5 said the world should recognise the risks of critical minerals and their supply chains being concentrated in a few geographies, warning that this could hurt economic development of countries. He also said that India and Italy can increase cooperation in the sector.
Italian Deputy Prime Minister and Foreign Minister Antonio Tajani also said the private sector of the two countries can consider forming joint ventures in this segment.
Critical minerals, such as cobalt, copper, lithium, nickel and rare earths, play crucial roles in the production of clean energy technologies, ranging from wind turbines to electric vehicles.
Gravita India is a material recycling company, with manufacturing and recycling units for lead metal & lead products, aluminium alloys and plastic granules.
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