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Graphite India corrects on profit booking

Capital Market 

Graphite India lost 4.45% to Rs 355.40 on profit booking after a recent rally.

Shares of Graphite India soared 39.64% in the past eight trading sessions to settle at Rs 371.95 yesterday, 16 September 2019, from its close of Rs 266.35 on 3 September 2019.

On BSE, 9.42 lakh shares were traded in Graphite India counter, compared to a 2-week average of 4.14 lakh shares. The stock hit an intraday high of Rs 383.85 and an intraday low of Rs 346.45.

It hit a 52-week high of Rs 1,060 on 22 October 2018 and a 52-week low of Rs 255.35 on 22 July 2019.

Graphite India's consolidated net profit fell 77% to Rs 220 crore on a 50.8% decline in net sales to Rs 967 crore in Q1 June 2019 compared with Q1 June 2018.

Graphite India is engaged in the manufacturing graphite electrodes, graphite equipments, steel, glass reinforced plastic (GRP) pipes and tanks and generation of hydel power. The firm operates through three segments: graphite and carbon, steel and others.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 17 2019. 12:33 IST