March 13, 2024: Gravita India said on March 11 the endorsement of pure lead products from its Mundra plant by the Multi Commodity Exchange of India (MCX) will boost its trading position on the domestic market.
Gravita said the lead produced at the plant in Gujurat had been assessed as an approved lead brand deliverable against MCX lead futures contracts.
The announcement follows similar MCX endorsements of pure lead produced at Gravita’s Chittoor and Phagi plants in India.
MCX, which started operations in November 2003, is a commodity derivatives exchange that supports online trading.
Gravita company secretary Nitin Gupta said MCX’s endorsements give the company an additional platform for hedging, better inventory management and price transparency in the domestic market.
The company announced in April 2023 that lead recycling capacity at Mundra had been increased by 40,500 tonnes per annum to 60,000 tpa.
Batteries International reported on March 7 that Gravita’s overall lead recycling capacity stands at almost 291,000 tpa, after the group’s Tanzania facility increased its capacity by 5,000 tpa to 12,000 tpa.
