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HEG slumps after reporting loss in Q3 2019

Capital Market 

HEG tanked 11.32% to Rs 1042.05 after the graphite electrode manufacturing company announced dismal Q3 2019.

On a consolidated basis, HEG's reported a net loss of Rs 1.23 crore in Q3 December 2019 as against a net profit of Rs 865.45 crore posted in Q3 December 2018. Consolidated net sales declined 79% to Rs 393.69 crore in Q3 December 2019 from Rs 1864.99 crore psoted in Q3 December 2018.

Profit before tax (PBT) for Q3 December 2019 stood at Rs 5.50 crore, down by 99.6% from Rs 1328.60 crore reported in Q3 December 2018.

The company announced an interim dividend of Rs 25 per equity share with a record date of 19 February 2020.

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

First Published: Wed, February 12 2020. 09:17 IST