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Last Updated : Apr 22, 2019 11:39 AM IST | Source: Moneycontrol.com

Gravita India gains 4% after commencing commercial production of lead

The company is expecting revenue of approximately Rs 30 crore coupled with gross margins of approximately 18% from this lead recycling plant during FY2019-20.

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Shares of Gravita India added 4.5 percent intraday Monday as company commenced commercial production of lead from its East Africa plant.

Company in its press release said that a step down subsidiary of the company situated in Tanzania, East Africa, has started commercial production of lead from its new plant with an annual capacity of around 3000 MTPA

Gravita Tanzania is first export oriented recycling plant in Tanzania.

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The group has made an investment of approximately Rs 9.50 crore for procuring and commissioning of this new recycling plant, which is invested from internal accruals of the company.

The company plans to start recycling of aluminum also from this plant in the future with a capacity of 6000 MTPA.

The company is expecting revenue of approximately Rs 30 crore coupled with gross margins of approximately 18% from this lead recycling plant during FY2019-20.

At 11:28 hrs Gravita India was quoting at Rs 94.80, up Rs 3.95, or 4.35 percent on the BSE.

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First Published on Apr 22, 2019 11:39 am
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