India's HEG hits near 4-week high on investment plan, profit jump

HEG Advanced Materials

14/11/2022 07:25

** Shares of Indian graphite electrode manufacturer and
exporter HEG Ltd  HEGL.NS  rise as much as 9.3% to 1,096 rupees,
highest since Oct. 21
    ** Stock posts its biggest intraday pct gain since Oct. 6
    ** Stock set to rise for a second straight session
    ** Co said late on Friday it will manufacture graphite anode
for Lithium-ion cells
    ** Co to invest 10 billion Indian rupees ($123.25 million)
in one or more tranches for phase 1 project
    ** In phase 2, HEGL plans to double the capacity with
another 10 billion rupees investment
    ** Earlier on Friday co reported a 28% jump in
September-quarter consolidated net profit to 1.69 billion rupees
    ** Revenue from operations rose to 5.98 billion rupees from
5.18 billion rupees a year ago
    ** More than 906,161 shares change hands by 0712 GMT, 4.8x
30-day avg of 188,052 shares
    ** Stock down 43.9% YTD up to last close
    ($1 = 81.1380 Indian rupees)
 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))