Graphite India was down 3.21% to Rs 318 at 09:21 IST on BSE after the company announced that the Karnataka State Government has granted permission to close the Bengaluru plant in Whitefield.
The announcement was made after market hours yesterday, 2 July 2019.Meanwhile, the S&P BSE Sensex was down by 58.11 points, or 0.15% to 39,758.37.
On the BSE, 25,000 shares were traded in the counter so far compared with average daily volumes of 2.39 lakh shares in the past two weeks. The stock had hit a high of Rs 324.70 and a low of Rs 317.15 so far during the day. It hit a 52-week high of Rs 1,126.40 on 14 August 2018 and a 52-week low of Rs 295 on 2 July 2019.
On 3 April 2019, Graphite India had informed about the decision of the board of directors of the company to permanently close operations in the Bengaluru plant in Whitefield.
On a consolidated basis, Graphite India's net profit rose 14.3% to Rs 617 crore on a 28% rise in the net sales to Rs 1693 crore in Q4 March 2019 over Q4 March 2018.
Graphite India is manufacturer of graphite electrodes as well as carbon and graphite specialty products.
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