Gravita India stock hits 52-week high on deal with Luminous Power for supply of lead products

Gravita India share hit a fresh 52-week high after the firm inked an annual agreement with Luminous Power Technologies for supplying 12,000 million tonne of refined lead and lead alloys. The stock touched an intraday high of Rs 88.5, rising 6.56% against previous close of Rs 83.05 on BSE.

Gravita India share has gained 16.77% in the last 4 days. Market cap of the firm rose to Rs 586 crore. The stock also touched an intraday low of Rs 79.4, falling 4.39%. Later, the share closed 2.29% higher at Rs 84.95 on BSE.

Gravita India share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 68.22% in one year and risen 10.18% since the beginning of this year.

In a month, the share has gained 63%.

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The contract will be executed in calendar year 2021, which at current lead prices would be an approximate contract value of Rs 180 crore.

Yogesh Malhotra, Whole-time  Director & CEO, Gravita India Limited said, "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."

Meanwhile, market erased intra day losses to close at record highs. After a volatile trading session, Sensex ended 260 points higher at 48,437 and Nifty gained 66 points to 14,199.

Share Market Highlights: Sensex ends at record high, Nifty at 14,199; HDFC, TCS, HUL, HCL Tech top gainers