Gravita India up 3% after signing deal with Amara Raja Batteries

Gravita India, a leading recycling company, has signed a contract with Amara Raja Batteries for lead acid battery scrap collection and recycling arrangements. Under this contract, Gravita would 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 would be recycled and pure lead/lead alloys will be supplied back to Amara Raja.

Gravita targets supply of approximately 8,000 MT of lead to Amara Raja under the said contract, which will help the company to strengthen its top line in FY18‐19 coupled with cost-effective recycling and long-term business association with Amara Raja. The supplies under this contract will be effected during FY18‐19.

Gravita India Ltd is currently trading at Rs168.40 up by Rs4.75 or 2.9% from its previous closing of Rs163.65 on the BSE.

The scrip opened at Rs164.05 and has touched a high and low of Rs170.95 and Rs164.05 respectively. So far 99,632 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs1,125.04cr.

Source- India Infoline