Gravita India increases capacity of Chittoor unit

The shares of Gravita India jumped by over 4% during Wednesday trading session after the company informed that it has raised capacity at its Chittoor unit to 28,000 MTPA from 12,000 MTPA, the company said in a filing to the bourses on Wednesday.

The company added 16,000 MTPA capacity at Chittoor, in Andhra Pradesh, making it the flagship plant of the Jaipur-based company. Currently, the company is utilising more than 65% of its existing capacity the unit. The company invested about Rs 20 crore for this expansion which was raised partly as a term loan and the remainder from internal accruals.
This plant is designed using state-of-art technology. It has grabbed the opportunity of domestic lead battery scrap available with the large telecom players, UPS OEM’s, IT and ITES companies and automobile workshops in and around the southern markets. The company has signed long term contracts with these establishments to collect their pan-India scrap in a cost-effective manner.

This plant will help the company to further strengthen its presence in the southern markets and boost its exports to the South East Asian region.

Meanwhile, the stock was trading up by 2.99% at Rs 129 per share on BSE at 1127 hours. It opened at Rs 126 per share. It attracted total traded volume by 11,62,302 shares and traded value of Rs 1,501 lakh on NSE at 1133 hours.

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