Ashish Kacholia stock: Gravita India shares hit all-time high today; here’s why

Shares of Gravita India hit a fresh all-time high today after the firm’s step down subsidiary Gravita Netherlands BV was provided 34 million Euros ESG loan from European Developmental Financial Institutions. The company in which famous investor Ashish Kacholia holds stake gained 11.13% per cent to  a new high of Rs 567.65 today against the previous close of Rs 510.80 on BSE. 

The stock has been gaining for the last five sessions. The small-cap stock has gained 78.67 per cent in a year and risen 22.67 per cent in 2023.

Total 2.22 lakh shares of the firm changed hands amounting to a turnover of Rs 12.21 crore on BSE. The market cap of the firm rose to Rs 3846.79 crore on BSE.

The stock hit a 52-week low of Rs 230.95 on July 12, 2022.

In terms of technicals, the relative strength index (RSI) of Gravita India stands at 57.6, signaling it's neither trading in the overbought nor in the oversold territory. The stock has a beta of 0.9, indicating low volatility in a year. Shares of Gravita India are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Gravita India said that its step down subsidiary Gravita Netherlands BV has been provided 34 million Euros ESG loan from European Developmental Financial Institutions SOCIETE DE PROMOTION ET DE PARTICIPATION POUR LA COOPERATION ECONOMIQUE S.A. ‘Proparco’ and Oesterreichische Entwicklungsbank AG ‘OeEB’. The facility has been granted after rigorous due diligence on various Environmental, Social and Governance aspects at Gravita's manufacturing subsidiaries which showcases the company's commitment to sustainability and circular economy.

This facility enables Gravita’s offshore businesses to gain financial independence for their capex and working capital needs. The facility is guaranteed by the parent Gravita India Limited, it added.

Ace investor Ashish Kacholia holds stake in Gravita India. He has been increasing stake in the company for at least five quarters now. He held 2.15% or 14.84 lakh shares at the March quarter . He held 2.08 per cent stake in Gravita India in the December quarter against 1.96 per cent in September quarter, 1.81 per cent in June and 1.35 per cent in the March quarter.

Gravita India is one of the largest lead recyclers in India with a market share of 18-19 per cent in the organised lead recycling market.