India's HEG jumps over 9% on plans to make graphite anode for lithium ion cells

HEG Advanced Materials

27/12/2022 05:40

** Shares of graphite manufacturer and exporter HEG 
 HEGL.NS  rise 9.6% to 1,055.55 rupees, their best intraday pct
gain since Oct. 6
    ** The company late on Monday announced venturing into
manufacturing graphite anode for lithium-ion cells via new unit,
TACC
    ** Co in an exchange filing said that plant will be made in
two phases in 5-7 years with a combined spend of 20 bln rupees
($241.72 million) 
    ** Plans to make phase 1 over next 3 years, which would
cater to 10-12 GWH of cell manufacturing capacity 
    ** Plans to double capacity in phase 2, catering to total of
20-22 MWH of cell manufacturing capacity
    ** About 7,22,015 shares changed hands as of 10:51 a.m. IST,
2.8x the 30-day average of 2,60,825 shares
    ** Co stock has fallen ~46.14% in 2022 so far 
($1 = 82.7400 Indian rupees)
 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com; +91 9830427878))