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HEG spurts 41% in two days; hits 52-week high

Capital Market 

HEG jumped 18.89% to Rs 2169, rising for second trading session.

Shares of HEG have soared 41.12% in two days from their previous closing low of Rs 1537 on 5 April 2021. The stock hit a 52-week high of Rs 2,189.70 in intraday today. It is up almost 335% from its 52-week low of Rs 498.70 posted on 8 April 2020.

On the BSE, 3.37 lakh shares were traded in the counter so far compared with average daily volumes of 64,213 shares in the past two weeks.

In one month, HEG has rallied 43% compared with a 0.36% rise in BSE Mid Cap index.

On the technical front, the stock's RSI (relative strength index) stood at 79.069. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 1393.28 and 1134.57 respectively. These levels will act as crucial support zones in near term.

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. On a consolidated basis, the company posted a 21.2% fall in net profit to Rs 4.68 crore on a 18.8% decline in net sales to Rs 319.59 crore in Q3 FY21 over Q3 FY20.

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

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First Published: Wed, April 07 2021. 15:19 IST