Graphite India extends declines after Bengaluru plant gets KSPCB approval

The stock fell ~10% in the past four trading days and is trading at its lowest level since October 8, 2018.

Dec 24, 2018 09:12 IST India Infoline News Service

Graphite India
Shares of Graphite India extended declines for the fourth consecutive session. The stock fell ~10% over the last four trading days and is trading at its lowest level since October 8, 2018.

On November 23, 2018, the company announced that the Karnataka State Pollution Control Board had completed the inspection of the company's plant and had renewed the Consent for Operations for the period up to June 30, 2020, only with the condition to shift the unit from the existing location.

The operations to be carried out in the plant are the same as they wre in recent years (except impregnation) and in line with the application made to KSPCB for the consent, as per the company's filing.

The condition will not have any adverse impact on the production capacity of the graphite electrode division as a whole in the medium and long term, the company added.

Graphite India Ltd is currently trading at Rs754 down by Rs41.3 or 5.19% from its previous closing of Rs795.30 on the BSE. The scrip opened at Rs798.80 and has touched a high and low of Rs798.80 and Rs751.15 respectively.

Graphite India, with 98,000 TPA of graphite electrodes, controls 13% of the global capacity. This includes 80,000TPA in the domestic market and 18,000TPA in Germany. The company’s segments, i.e. graphite & carbon and others contributed 98.2% and 1.8%, respectively, to Q2FY19 top-line.

Related Story