HEG erases three-week loss in two days by surging 37% ahead of board meet

The stock surged 15% to Rs 3,045, extending its Wednesday's 20% rally ahead of board meeting today to consider either the interim dividend or proposal for buy back of equity shares.

HEG has surged an over 10% to Rs 3,045 on BSE in intra-day trade, extending its Wednesday’s 20% rally ahead of board meeting today to consider either the interim dividend or proposal for buy back of equity shares of the Company.

The stock of the leading graphite electrode manufacturer has rallied 37% in past two trading sessions from Rs 2,215 on BSE. The BSE & NSE have revised the circuit filter of the stock from 5% to 20% with effect from Wednesday, February 7, 2018.

HEG erased its entire 30% decline recorded during three weeks in past two days. The stock hit an all-time high of Rs 3,147 on January 16, 2018 in intra-day trade.

“The board of directors of the Company is scheduled to be held on Thursday, the 8th day of February, 2018 to consider inter alia either the payment of interim dividend, if any, to the equity shareholders of the Company for the financial year ending 31st March, 2018 or proposal for the buyback of equity shares of the Company,” HEG said in a BSE filing on February 5, 2018.

The company has fixed Monday, February 19, 2018 as the record date for the purpose of determining the entitlement of the shareholders for the payment of interim dividend.

With reference to increase in volume, HEG has clarified to BSE that apart from the information on various matters already shared with the Stock Exchanges from time to time, there is no further information/announcement which are required to be shared with the Stock Exchanges and that the Company is unaware of the reasons for the increase in volume.

Further, please refer to our letter dated 5th February, 2018 intimating about the matters to be considered in the ensuring Board Meeting scheduled to be held on today at 3.00 PM. The outcome of the said meeting will be intimated to the exchanges within the prescribed time, it added.

At 12:08 PM; the stock was trading 13% higher at Rs 3,011 on BSE, as compared to 1% gain in the S&P BSE Sensex. The trading volumes on the counter jumped more than two-fold with a combined 1.37 million shares changed hands on BSE and NSE so far.