Gravita India rose 3.33% to Rs 169.10 at 10:35 IST on BSE after the company signed a contract with Amara Raja Batteries for lead acid battery scrap collection and recycling arrangements.
The announcement was made after market hours yesterday, 22 May 2018.On the BSE, 9,026 shares were traded in the counter so far compared with average daily volumes of 28,000 shares in the past two weeks. The stock had hit a high of Rs 170.95 and a low of Rs 164.05 so far during the day. The stock hit a 52-week high of Rs 205 on 27 April 2018. The stock hit a 52-week low of Rs 74.90 on 7 June 2017.
Gravita India said that the company has signed a contract with Amara Raja Batteries for lead acid battery scrap collection and recycling arrangements. Under this contract Gravita 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.
Gravita targets supply of approx. 8000 MT of lead to Amara Raja under the contract which will help the company to strengthen its top line in FY 2018-19 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.
On a consolidated basis, net profit of Gravita India rose 27.84% to Rs 10.47 crore on 44.78% rise in net sales to Rs 240.90 crore in Q3 December 2017 over Q3 December 2016.
Gravita India is a manufacturer & exporter of lead metal, specific lead alloys, lead oxides, lead sheet, lead powder.
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