Graphite India share price: Electrode maker rises 5% amid market crash 

Graphite India share price: Shares of Graphite India surged nearly 5% in early deals despite a stock market crash on Friday. The rally in the graphite electrode maker came after the firm said the company received order from Additional Commissioner (Appeals), State Tax, LTU. The stock soared 5% to Rs 687.85 even as the order was related to Excess availment of Input Credit by the firm. 

However, the company said there will be no material impact of such demand on the company's financials. 

"The company understands that it has availed only eligible ITC based on valid documents in its possession," it said. The Company said it would review the order and shall prefer an appeal with appropriate authority against this order.

Summary of Tax Demand, interest and penalty are as under:

Tax (IGST+CGST+SGST) - Rs. 35,98,869

Interest- (IGST+CGST+SGST) -Rs. 35,52,232

Penalty- (IGST+CGST+SGST) - Rs. 3,59,8

Market cap of the firm rose to Rs 13,236 crore. Total 1.80 lakh shares of the firm changed hands amounting to a turnover of Rs 12.24 crore. 

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

Meanwhile, the ongoing US-Iran war has brought crude oil prices on the boil with both nations claiming their control over Strait of Hormuz and ships taking alternate routes to avoid losses. Sensex tanked 917 pts to 75,474 and Nifty fell 263 pts to 23,606.