Gravita India hits 52 week high, jumps 20% in four days

8 Dec 2022 , 01:05 PM

Shares of Gravita India surged 19.78% in four consecutive sessions. On the BSE, 87,606 shares were traded in the counter so far compared with average daily volumes of 58,793 shares in the past two weeks. The stock hit a high of Rs 431.8 and a low of Rs 405 so far during the day. The stock hit a 52-week high of Rs 431.8 today, 8 December 2022. The stock hit a 52-week low of Rs 207.25 on 20 December 2021. The stock had outperformed the market over the past one month, rising 18.89% compared with 2.31% rise in the Sensex. The counter had outperformed the market in past one quarter, advancing 26.88% as against Sensexs 4.62% rise. The scrip had also outperformed the market in past one year, surging 85.36% as against Sensexs 6.47% rise. On the technical front, the stocks daily RSI (relative strength index) stood at 77.50. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 355.63, 331.33 and 317.06 respectively. Earlier this week, the company announced that its step-down subsidiary, Gravita Togo SAU, has started aluminium recycling plant in West Africa. Gravita Togo SAU has started commercial production of aluminium cast-alloys from a new recycling plant having an annual capacity of around 4,000 MTPA in phase I. The company is expecting an additional revenue of approximately Rs 60 crore per annum with a gross margins of approx 26% from the new capacity. The company will be procuring domestic aluminium scrap for production from this plant and it will cater the needs of aluminium die casting components manufacturing industries of auto & FMCG sector located in China, Japan, Thailand, Korea and Vietnam Gravita Indias principal activities are lead processing, aluminium processing, trade (lead products and aluminium scrap) and dealing in turnkey lead recycling projects. The companys consolidated net profit rose 20.6% to Rs 44.57 crore on 24.9% rise in net sales to Rs 682.69 crore in Q2 FY23 over Q2 FY22. Powered by Capital Market – Live News