Gravita Ind buys 60% stake in K M Udyog

Gravita India said it has acquired a stake in Jammu-based K M Udyog.

Lead metals and products firm Gravita India today said it has acquired 60 per cent stake in Jammu-based K M Udyog,which has an installed lead manufacturing and refining capacity of 7,200 tonnes per annum.

Following the announcement,the scrip of the company jumped to a new high of Rs 402.10 apiece on the Bombay Stock Exchange,up 2.69 per cent from the previous close.

“The addition of K M Udyog,Jammu,is expected to improve the top and bottom line of the company by around Rs 65 crore and Rs 3 crore respectively during 2011-12,” it said in a filing to the Bombay Stock Exchange.

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With this addition,the enhanced capacity of the company will be 45,900 tonnes per annum,the filing added without disclosing the value of the transaction.

The Jaipur-based company manufactures lead metal,lead oxide and lead products among others and was listed on the bourses in November last year.

For the October-December,2010 quarter,the Gravita India had registered a net profit of Rs 2.64 crore and had a net sales of Rs 53.13 crore.

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