Gravita India hits 52-week high as Mundra battery recycling unit commences operations

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The company has plans to incur additional capital expenditure of Rs 30 crore on this facility so as to increase its capacity from 19,500 MTPA to 48,000 MTPA.

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Shares of Gravita India touched a 52-week high of Rs 249.70, gaining 6.5 percent intraday on December 13, after the company commenced operations at its new recycling plant at Mundra, Gujarat.

“Gravita announced operationalization of its new Battery recycling unit at Mundra Port, Gujarat. In Phase-I, 19,500 MTPA plant is strategically located at the Mundra Port and is equipped with state-of-the-art facility facilities including latest technology and automated processes,” as per the company’s press release.

The company has incurred capital expenditure of Rs 32 crore for setting up of the Phase-I of the facility, of which Rs 26 crore was through external borrowings, and the remaining by internal accruals.

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Going forward, the company has plans to incur additional capital expenditure of Rs 30 crore on this facility so as to increase the capacity of from 19,500 MTPA to 48,000 MTPA, the company said.

At 10:36 hrs, Gravita India was quoting at Rs 242.60, up Rs 8.15, or 3.48 percent on the BSE.