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Gravita India rises 4% on contract with Amara Raja Batteries

A meeting of board of directors of the company is scheduled to be held on May 28, 2018, to consider and take on record annual financial statements of the company for the quarter/year ended March 31, 2018 and recommendation of final dividend to the shareholders of the company, if any.

May 23, 2018 / 09:53 AM IST
 
 
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Share price of Gravita India rose 4.5 percent in the opening trade on Wednesday as company signed a contract with Amara Raja Batteries for lead acid battery scrap collection and recycling arrangements.

Under this contract the company shall collect/purchase lead acid battery scrap from designated locations of Amara Raja.

It is a joint initiative towards environment protection and sustainability under which used batteries shall be recycled and pure lead/lead alloys will be supplied back to Amara Raja.

The company targets supply of approximately 8000 MT of lead to Amara Raja under the said contract which will help the company to strengthen its topline in FY2018‐19 coupled with cost effective recycling and long term business association with Amara Raja. The supplies under this contract will be effected during FY 2018‐19.

Further the said contract is from independent party and the promoter/promoter group/group companies have no interest in the entity providing the said contract neither this contract will fall under related party transaction.

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A meeting of board of directors of the company is scheduled to be held on May 28, 2018, to consider and take on record annual financial statements of the company for the quarter/year ended March 31, 2018 and recommendation of final dividend to the shareholders of the company, if any.

The share price increased by 108 percent in last one year.

At 09:40 hrs Gravita India was quoting at Rs 170, up Rs 6.35, or 3.88 percent on the BSE.

Posted by Rakesh Patil
first published: May 23, 2018 09:53 am

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