July 20, 2023: Gravita India said on July 18 the endorsement of its 99.98% pure lead products by the Multi Commodity Exchange of India (MCX) will boost its trading position on the domestic market.
Gravita said the lead refined at its Phagi plant in Jaipur has been assessed as an approved lead brand deliverable against MCX lead futures contracts.
MCX, which started operations in November 2003, is a commodity derivatives exchange that supports online trading.
Gravita company secretary Nitin Gupta said MCX has a stringent quality approach on a par with international exchanges and its empanelment of Gravita “reaffirms the company’s quality-driven approach.
“This will provide us an additional platform for hedging, better inventory management and price transparency in the domestic market.”
Phagi started operations in 1994. The site supplies markets in Southeast Asia, the Middle East and Europe.
Gravita said pure lead manufactured at its Chittoor plant is already approved by MCX.
Batteries International reported last month that Gravita had expanded lead battery recycling capacity at Chittoor from 26,440 metric tonnes a year to 64,640 MTPA.
The increase took the group’s overall recycling capacity to more than 278,000 MTPA — putting Gravita on course to hit its overall target of 425,000 MTPA by fiscal 2026.
The company has said Chittoor’s proximity to the port of Chennai, about 150km to the east, will help it strengthen its presence in the southern Indian and southeast Asian markets.