HEG up 5% as India Ratings upgrades credit rating with positive outlook

HEG was up nearly 5% to Rs 1,957 on the BSE in intra-day trade after the rating agency India Ratings & Research (Ind-Ra) has upgraded the credit rating of the company as 'IND A+' with positive outlook.

The upgrade reflects the consolidation in the graphite electrode industry with the merger of Showa Denko K.K. and SGL Carbon SE to create the world’s largest graphite electrode manufacturing company with a capacity of 225ktpa. Moreover, private equity group Brookfield Asset Management Inc acquired Graf-tech International Limited (160ktpa) in August 2015.

These transactions have led to 53% of the global ultra-high