HEG jumped 8.57% to Rs 1047.55 after the company said it has incorporated a wholly-owned subsidiary named TACC on 26 December 2022.
The subsidiary will manufacture graphite anode for Lithium-ion cells. The plant would be made in two phases - the first would involve a capex of Rs 1,000 crore over the next three years, which would cater to 10-12 GWH of cell manufacturing capacity. The company plans on doubling the capacity with another Rs 1,000 crore capex catering to 20-22 MWH of cell manufacturing capacity. The company aims to finish both the phases in 5-7 years.TACC is incorporated in India with Registrar of Companies of Madhya Pradesh. It is yet to commence its business operations.
HEG is India's leading graphite electrode manufacturer. It has one of the largest integrated Graphite Electrode plants in the world, processing sophisticated UHP (Ultra High Power) Electrodes.
On a consolidated basis, net profit of HEG rose 28.44% to Rs 168.93 crore on 15.57% rise in net sales to Rs 598.14 crore in Q2 September 2022 over Q2 September 2021.
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