HFCL, Sterlite Tech, HEG, MTAR Technologies locked in 5% lower circuits

Despite of the recent correction, thus far in the calendar year 2026, the stock price of Sterlite Technologies has skyrocketed 690%, while HFCL has zoomed 142%.

Shares of HFCL, Sterlite Technologies, HEG and MTAR Technologies were locked in the 5 per cent lower circuit on the BSE in Wednesday’s intra-day deal as no buyers were seen on these counters.

 

HFCL share price was down 5 per cent at ₹210.75. The stock price of the telecom infrastructure company has slipped 18 per cent from its record high level of ₹257 touched on August 31, 2026. Sterlite Technologies’ stock price was also trading 5 per cent lower at ₹812.25, falling 10 per cent from its record high price of ₹910 hit on September 15, 2026.

 

However, despite the recent correction, the stock price of Sterlite Technologies has skyrocketed 690 per cent so far this year, while HFCL has zoomed 142 per cent. In comparison, the BSE Sensex has lost 13 per cent during the period.

 

 

Meanwhile, in the past week, the share price of MTAR Technologies has plunged 15 per cent to ₹ 6,609.30. It has corrected 24 per cent from its all-time high level of ₹8,714.90 hit on June 19, 2026.

 

Further, HEG was trading at ₹214.55, locked in the 5 per cent lower circuit for the fourth straight day, falling 19 per cent during the period. It plunged 23 per cent from its 52-week high price of ₹278.20 touched on September 7, 2026.

 

Currently, all these four stocks are trading under the ‘T’ group. T group shares are securities that the BSE puts into the Trade to Trade (T2T) segment and the NSE puts into the ‘BE’ segment. These stocks are not allowed for intraday trading. T2T stocks can only be delivery-based; i.e., the buyer must take delivery of these shares. CHECK Stock Market LIVE Updates

Latest business developments

On September 14, 2026, HFCL, a leading technology enterprise and integrated manufacturer of optical fiber, optical fiber cables, connectivity solutions and telecom & networking equipment, announced that its Board of Directors approved a significant enhancement in the company’s Optical Fiber, Optical Fiber Cable and Preform manufacturing capacities.

 

The total capex for these additional capacity expansions will be ₹820 crore. The above capacity expansion is in addition to the aggregate capital expenditure of approximately ₹980 crore already approved by the Board for Optical Fiber, Optical Fiber Cable and Preform manufacturing projects, taking the total planned capital expenditure for these capacity enhancement initiatives to approximately ₹1,800 crore.

 

The proposed expansion is driven by HFCL's strong order book for Optical Fiber Cable and optical connectivity products, a robust pipeline of business opportunities and a favourable long-term demand outlook for optical communication infrastructure across domestic and international markets. As of today, HFCL's combined order book for Optical Fiber Cable and connectivity solutions stood at approximately ₹19,000 crore, the company said.

 

Earlier, on September 3, HFCL’s board approved the capex in the existing manufacturing facility of the company in view of the demand for Optical Fiber Cables and connectivity business globally. The company said it will invest around ₹ 3,000 crore by the end of the financial year 2028-29 through internal accruals and/or debt. HFCL said the capacity addition will cater to anticipated growth in demand and strengthen the Company's manufacturing capabilities.

 

Meanwhile, HEG on September 3 said it has been renamed as “HEG Advanced Materials Limited” with effect from September 2, 2026, pursuant to a composite scheme of arrangement approved by the National Company Law Tribunal (NCLT).

 

HEG Advanced Materials is a new-age platform spanning advanced battery materials and graphene, with a strong manufacturing, R&D, and innovation foundation, and is also in the business of battery energy solutions & green power.

 

The restructuring will create value-unlocking opportunities by allowing the graphite and green-tech businesses to pursue independent growth strategies. The fair calculation price for HEG Advanced Materials is pegged at ₹250/share (~10x EV/EBITDA on FY29E) and HEG Graphite business at ₹525/share (~10x EV/EBITDA on FY28E+stake in Graftech), which in sum will be ₹18,000 crore of market cap with ₹775-800 as the target price for both the entities put together, ICICI Securities said on September 7, 2026.

 

“We are optimistic on HEG Greentech business given it is setting up a 20,000 TPA greenfield battery-grade anode plant, which could provide a meaningful high-margin growth opportunity, given the >30 per cent margin potential. Furthermore, it has opportunities across advanced battery materials, battery energy solutions, hydro power and renewable energy, providing multiple avenues for long-term growth and diversification. On the HEG Graphite side, indication of a rise in graphite electrode prices bodes well for its base business. With the stock approaching fair value, we have a positive view on the company,” the brokerage firm said in a note.

 

Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers' discretion is advised.