Gravita India's Pure Lead empanelled with Multi Commodity Exchange of India; Stock gains

17 Feb 2022 , 01:14 PM

Gravita India Limited, a leading Recycling company having its manufacturing presence around the globe, announced on Thursday that “Refined Lead” of 99.98% purity and above produced by the company from its Chittoor plant has been impanelled as approved Lead brands deliverable against MCX Lead futures contract.

The company stock was trading higher on Thursday and at around 1.17 PM, Gravita India Ltd was trading at Rs377.35 per share up by Rs5.25 or 1.41% from its previous closing of Rs372.10 per share on the BSE.

The Multi Commodity Exchange of India Limited (MCX), India’s first listed exchange, is a state-of-the-art, commodity derivatives exchange that facilitates online trading of commodity derivatives transactions, thereby providing a platform for price discovery and price risk management.

The Exchange, which started operations in November 2003, has emerged as the market leader in the commodities future industry in the country and operates under the regulatory framework of Securities and Exchange Board of India (SEBI). Till date, only LME approved brands are deliverable on MCX platform, company said in a filing.

The MCX empanelment will provide us an additional platform for hedging, better inventory management and price transparency in the domestic market. Gravita, is a leading multinational recycling company having three recycling verticals Lead, Aluminium and Plastic and 13 eco-conscious state-of-the-art manufacturing facilities, with a global footprint across 70+ countries.