HEG surges ahead of board meet for interim dividend, share buyback

The stock surged 17% to Rs 2,600 on BSE in early morning trade ahead of board meeting tomorrow to consider either the interim dividend or proposal for buy back of equity shares of the Company.

HEG has surged 17% to Rs 2,600 on BSE in early morning trade ahead of board meeting tomorrow to consider either the interim dividend or proposal for buy back of equity shares of the Company.

The stock had locked in lower circuit in past four straight trading sessions, fell 25% in six trading days. The BSE & NSE have revised the circuit filter of the stock to 20% from 5% earlier.

“The board of directors of the Company is scheduled to be held on Thursday, the 8th day of February, 2018 at 3.00 P.M. to consider inter alia either the payment of interim dividend, if any, to the equity shareholders of the Company for the financial year ending 31st March, 2018 or proposal for the buyback of equity shares of the Company,” HEG said in a BSE filing on February 5, 2018.

The company has fixed Monday, February 19, 2018 as the record date for the purpose of determining the entitlement of the shareholders for the payment of interim dividend.

The stock hit an all-time high Rs 3,147 on January 16, 2018 in intra-day trade, had corrected 30% to close at Rs 2,215 on Tuesday, February 6.

HEG, a leading graphite electrode manufacturer, posted a net profit at Rs 3,420 million for the quarter ended December 2017 (Q3FY18) against net loss of Rs 35 million in year ago quarter.

At 09:33 AM; the stock was trading 13% higher at Rs 2,508 on BSE, as compared to 0.45% rise in the S&P BSE Sensex. A combined 550,692 equity shares changed hands on the counter on BSE and NSE.