HEG spurts 95% in 11 sessions

HEG hit an upper circuit of 5% at Rs 951.60, extending recent gains on strong buying support.

Shares of HEG surged 94.56% in eleven consecutive trading sessions to its current market price of Rs 951.60 from its recent closing low of Rs 489.10 on 3 April 2020. The stock hit an upper circuit for ten consecutive sessions. On 13 April 2020, HEG's upper circuit was revised from 10% to 5%.

Meanwhile, HEG announced during trading hours today, 23 April 2020, that it partially resumed the manufacturing operations at its Mandideep plant in Madhya Pradesh from 23 April 2020. Earlier on 25 March 2020, the company had announced halting operations to contain the spread of Covid -19.

On a consolidated basis, HEG reported a net loss of Rs 1.23 crore in Q3 December 2019 as compared to net profit of Rs 865.45 crore in Q3 December 2018. Net sales tanked 78.89% to Rs 393.69 crore in Q3 December 2019 over Q3 December 2018.

HEG is engaged in manufacturing of graphite electrodes, which are used by manufacturers of steel. The firm's segments include graphite, power and unallocable items/others.

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