Hem Securities has given Buy recommendation for Gravita India with a target price of Rs. 600 in its research report issued on Mar 21, 2022
Hem Securities report on Gravita India
Gravita India Ltd. (Gravita) is a global leading non‐ferrous secondary metal and one of India’s largest secondary Lead metal producing company. Incorporated in 1992, Gravita India Ltd. (Gravita) is engaged in the recycling of Used Lead Acid Batteries, Cable Scrap / other Lead Scrap, Aluminum Scrap and Plastic Scrap, etc. It is not only present in India but also has a significant presence outside India as well. The state-of-the-art recycling facilities are located in the established growth centres of Asia, Africa and Central America. It enjoys patronage of its products in more than 59 countries. In addition, GIL also provides turnkey solutions to recycling industry and has supplied more than 60 recycling projects across the world. It has a well-entrenched global scrap collection network that helps it to secure scrap resources at globally competitive prices.
Hence, we initiate “BUY” on the stock and value the stock at 15.79x FY24 earnings to arrive at the target of Rs 600/- per share.
At 15:30 hrs Gravita India was quoting at Rs 344.00, down Rs 8.80, or 2.49 percent.
It has touched an intraday high of Rs 355.80 and an intraday low of Rs 337.00.
It was trading with volumes of 13,449 shares, compared to its thirty day average of 31,902 shares, a decrease of -57.84 percent.
In the previous trading session, the share closed up 0.26 percent or Rs 0.90 at Rs 352.80.
The share touched its 52-week high Rs 398.20 and 52-week low Rs 73.00 on 03 February, 2022 and 19 April, 2021, respectively.
Currently, it is trading 13.61 percent below its 52-week high and 371.23 percent above its 52-week low.
Market capitalisation stands at Rs 2,374.90 crore.