Sensex erases opening gains; Nifty50 tests 10,200 mark

HEG, Graphite India surge up to 11% after Vanguard stake buy

Headline indices Sensex and Nifty slipped back in the red after opening in the positive zone on Monday. At 09:28 am, the S&P BSE Sensex was trading 63 points lower at 33,216.53 while NSE’s Nifty was 16 points down at 10,180 with 30 out of 50 constituents ending in the red.

Graphite electrode majors HEG and Graphite India climbed up to 11 per cent in early trade on Monday after investment management firm Vanguard Group on Friday picked shares in both through open market transactions.

Vanguard bought 4.73 lakh shares of HEG at Rs 3,152.52 per scrip, valuing the transaction at Rs 149.07 crore.

It also acquired 13.60 lakh shares of Graphite IndiaBSE 0.95 % for an average price of Rs 776.06. The transaction was valued at Rs 105.54 crore.

After climbing as much as 11 per cent in early trade, HEG stock gave up some gains and was trading 7.31 per cent up at Rs 3,374.50 at around 9.55 am (IST).

Graphite India was up 2.89 per cent at Rs 804 at around the same time whereas benchmark BSE Sensex was down 34 points at 33,141.47. The scrip has also climbed over 600 per cent in the past 12 months.

HEG reported an outperformance on all parameters for Q3 FY18, primarily driven by higher-than-expected realisations. The top line for the quarter came in at Rs 842.7 crore, up 256.2 per cent YoY and 105.8 per cent QoQ.

advt
Back to top button