The stock of electrochemical manufacturers, Graphite India Ltd and HEG Ltd, surged more than 10% today in an otherwise subdued market. High volume of shares traded on BSE led to the rally. Despite a slowdown in the global economy and rising interest rates to contain inflation, the demand for graphite electrodes is predicted to remain strong, said KK Bangur, chairman of Graphite India. The graphite electrode industry's bright outlook has pushed the two stocks higher over the last three sessions. While HEG shares have gained 142.55%, shares of Graphite India rose 12.79% in the three-session session.
Graphite India and HEG were announced the earnings for May 30 and May 31 respectively.
Graphite India shares rose to 336.20 in the latest session. It hit an intraday high of 370, up 10.27% against the previous close of 335.55 on BSE. The shares of Graphite India are trading higher than the 5 day, 100 day and 200 day moving averages, but less than 20 day and 50 day moving averages.
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The company's stock has lost 18.19% in one year and has fallen 2.61% since the beginning of this year. The total of 2,91 lakh shares of Graphite India changed hands, amounting to a turnover of Rs10.52 crore on BSE. The firm's market cap rose to 7070.64 billion from Rs 7070.64 billion.
HEG shares also opened higher at Rs 1195 after the close of trading today. The stock rose to a record high of 1315, rising 10.69% against the previous close of 1188.05 on BSE.
HEG shares are trading higher than the 5-day, 100-day and 200-day moving averages but lower than the 20-day and 50-day moving averages.
The stock has gained 15% in one year and has risen 25 percent since the beginning of this year. The share of HEG changed hands, causing a turnover of Rs10.10 crore on BSE. The firm's market cap rose to Rs. 4962 billion from Rs. 5826 billion in September last year.
Graphite India reported a fall in consolidated profit to Rs 29 crore for the fourth quarter of the period ended March 2023 compared to a net profit of Rs 95 crore in the previous quarter. In the March 2023 quarter, the company reported a 3.44% decrease in revenue to Rs 815 crore, compared to Rs 844 crore in the March 2022 quarter. EBITDA fell 29.55% to Rs 62 crore in Q4, compared to Rs 88 crore in the March quarter of 2022.
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On a annual basis, net profit fell 60.59% to Rs 199 crore for the fiscal end of March 2023, against Rs 505 crore for the fiscal end of March 2022. The revenue grew 5.12% to Rs 3181 crore in the March 2023 fiscal, against Rs 3026 crore for the fiscal ended March 2022. EBITDA slipped 34.32% to Rs 312 crore in the last fiscal, up from Rs 475 crore in the March 2022 fiscal.
HEG reported a 23% fall in consolidated profits for the fourth quarter of 2023 to Rs 99.72 crore against a net profit of 129.27 crore in the corresponding quarter of the previous fiscal year. In March 2023, the firm reported a drop in revenue of 8.35% to 616.88 crore, compared to 673.06 crore in the March 2022 quarter. In Q4 EBITDA fell 21.31% to Rs 123.45 crore, compared to Rs 156.89 crore in the March quarter of 2022.
On an annual basis, net profit rose 23.50% to 532.36 crore for the fiscal end of March 2023 compared to 431.05 crore for the fiscal end of March 2022. In March 2023 fiscal, revenue rose 12% to 2467 crore against Rs 2201 crore for the fiscal end of March 2022.