India's HEG plunges on weak results, demerger of graphite business

HEG Advanced Materials

23/05/2024 08:26

** Shares of HEG  HEGL.NS  down 9.06% at 2443.5 rupees 
    ** The graphite and power equipments maker's March-qtr
consol profit fell 67% y/y, rev from ops down over 11% 
    ** Co approves demerger of its graphite business into
seperate entity, graphite business accounts for 80% of the co's
rev
    ** Stock on track to snap four consecutive sessions of gains
    ** Logs steepest one-day pct decline since Feb. 2022, if
trends hold 
    ** Including session's loss, stock up ~27% YTD



 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))