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Graphite India share gains 14% in four sessions as ICRA reaffirms ratings

The firm reported a consolidated net loss of Rs 353 crore in the December quarter (Q3FY20) due to steep fall in electrode prices. This was Graphite India's first quarterly loss in more than a decade. Earlier, in June 1997 quarter, it had posted net loss of Rs 2 lakh.

twitter-logo BusinessToday.In        Last Updated: April 1, 2020  | 14:10 IST
Graphite India share gains 14% in four sessions as ICRA reaffirms ratings
The midcap stock has lost 71% during the last one year and 56% since the beginning of this year.

Graphite India share has gained 14% in last four sessions after credit ratings agency ICRA reaffirmed its long-term ratings at AA plus.  

On March 27, share price of Graphite India stood Rs 117.50. Since then stock has rallied to Rs 133.60 till date.

The stock was stuck in the upper circuit of 5% at Rs 133.45 today. It opened 5% higher today against previous close of Rs 127.10. Graphite India's market capitalisation rose to Rs 2,607.29 crore on BSE.

The midcap stock has lost 71% during the last one year and 56% since the beginning of this year.

There were only buyers and no sellers in trade today. On March 27, the firm said ICRA has reaffirmed the long term rating for Rs 1,000 crore line of credit for working capital of the company at ICRA (AA+)

ICRA also reaffirmed the short-term rating for Rs 1,000 crore line of credit for working capital of the company at ICRA A1+.

On March 25, the firm said it has fully suspended operations at its manufacturing plants in Ambad and Gonde in Maharashtra, Barauni in Bihar and Powmex Steel division in Titilagarh-Odisha, with immediate effect, to comply with the government's decision of a lockdown due to coronavirus.

The firm reported a consolidated net loss of Rs 353 crore in the December quarter (Q3FY20) due to steep fall in electrode prices. This was Graphite India's first quarterly loss in more than a decade. Earlier, in June 1997 quarter, it had posted net loss of Rs 2 lakh.

Graphite India is engaged in manufacturing of graphite electrodes, graphite equipments, steel, glass reinforced plastic (GRP) pipes and tanks and generation of hydel power. The firm operates through three segments: graphite and carbon, steel and others.

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