HEG Ltd. on Monday announced that it has acquired a 8.23% stake in GrafTech International Ltd. for Rs 248.62 crore.
The company has purchased the shares on the New York Stock Exchange listed from the secondary market, according to the exchange filing.
The graphite electrode manufacturer has filed the required information with the United States Securities and Exchange Commission under the Securities Exchange Act of 1934, the filing added.
GrafTech International Ltd., with a market cap of $416.61 million, is a top manufacturer of high-quality graphite electrode products, which are crucial for making steel using electric arc furnaces.
The company has a strong lineup of cost-effective manufacturing plants for ultra-high-power graphite electrodes, featuring some of the largest facilities in the world.
Earlier, in August, the board of HEG had confirmed that it had received a show cause notice related to the recovery of integrated goods and services tax refunds. It was also fined Rs 282.34 crore for the tax period July 2017 to March 2018.
In July, Quant Mutual Fund offloaded shares of HEG at Rs 421 crore through open market transactions. The fund had sold 18.62 lakh shares of the company via two separate bulk deals on both the exchanges. Quant MF had offloaded 9.5 lakh shares of HEG on the Bombay Stock Exchange, while it had sold 9.12 lakh shares on the National Stock Exchange.
Shares of HEG closed 5.42% lower at Rs 2,227.90 apiece, compared to a 0.87% fall in the benchmark NSE Nifty.
The stock has risen 26.10% in the last 12 months and 16.74% year-to-date. The relative strength index was 49.08.
Out of five analysts tracking the company, two maintain a "buy" rating, and three recommend a "hold," according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 14%.
RECOMMENDED FOR YOU
Stock Market Today: Nifty, Sensex Close At Five-Month Lows Tracking Weak Global Sentiment
Nov 21, 2024
Honasa Consumer Share Price Hits All-Time Low Amid Distributor Body's Claims Of Unsold Stock
Nov 21, 2024
Stock Market Today: Nifty, Sensex End Off Highs As Ukraine Carries Out Deep Strikes Inside Russia
Nov 19, 2024
Honasa Consumer Share Price Hits Record Low For Second Day On Weak Earnings
Nov 19, 2024
POPULAR