India's HEG jumps to 7-week high after fundraise announcement

HEG Advanced Materials

11/03/2025 06:36

** Shares of India's HEG HEGL.NS jump nearly 8% to hit a seven-week high of 417.35 rupees

** Stock on course for biggest daily pct gain in more than three months, if the current trend holds

** Co's associate firm Bhilwara Energy approves raising up to 5 billion rupees ($57.2 million) from ace investor Madhusudan Kela-backed Singularity AMC and others

** Co also approves modified scheme of arrangement to demerge graphite business into a separate entity, and merge Bhilwara Energy with itself

** Fundraise to help create HEG Greentech, to be listed after scheme of arrangement, focusing on power assets, battery-grade anode materials, and graphene and advanced battery systems manufacturing

** Nearly 5 million shares trade on the day, 2.2x 6-month avg volume

** HEGL stock has dropped 18%, YTD

 (Reporting by Vivek Kumar M)

 ((VivekKumar.M@thomsonreuters.com;))