The stock market is in favour of Gravita India as it has joined hand with a subsidiary of Korea Zinc Co for supplying of approx 8,000 MT of refined lead. The deal on Monday led to an increase of 3% immediately. The annual agreement rounds off around an approximate contract value of Rs 125 crore. The contract would be executed in the 2021 calendar.
The stock touched an intraday high of Rs 88.5, rising 6.56% against the previous close of Rs 83.05 on BSE. The firm is on its peak standing on its 52-week. The share value has increased to 68.22% in one year and risen 10.18% since the beginning of this year. In a month, the share has gained 63%.
“We are delighted to announce this prestigious contract win and association with Luminious, which is one of the most popular brands in India with a presence in over 36 countries. Apart from boosting sales and improving utilisations, this agreement will help the company to strengthen its market presence in domestic markets as well,” said Yogesh Malhotra, Director and CEO, Gravita India Limited.
Korea Zinc is a world’s leading non-ferrous metal smelting company since 1974. Sorin Corporation produces about 1.2 million tons out of various types of non-ferrous metals from zinc to lead, gold, silver, copper as well as rare materials such as indium and has its presence largely in South East Asian countries like Vietnam, Japan, South Korea, Philippines and India.
