Gravita India shares gain 3% on deal with Korean company

Shares of Gravita India gained over 3 per cent on Monday after the company announced an annual agreement with Korea Zinc Co’s subsidiary Sorin Corporation with a contract value of approximately ₹125 crore.

At 12:20 pm, the shares of the company were trading at ₹80.85, up ₹2.80 or 3.59 per cent. It hit an intra-day high of ₹81 and an intra-day low of ₹78. The stock of Gravita India opened at ₹79.05 as against the previous close of ₹78.05.

On the NSE, it was trading at ₹80.80, up ₹2.60 or 3.32 per cent.

The company on Monday announced that it had signed an annual agreement with Sorin Corporation, a subsidiary of Korea Zinc Co Limited, for supplying approximately 8,000 MT of refined lead. The agreement will be executed in the calendar year 2021, which at current lead prices would be an approximate contract value of ₹125 crore, Gravita said in a press release.

Yogesh Malhotra, Whole-time Director, Gravita India Limited, said, “We are delighted to announce our association with Korea Zinc, which is one of the largest non-ferrous metal smelting companies in Korea and probably the world. This contract will help the company strengthen its market presence in the South East Asian market. “