Shares of HEG hit an intraday high of ₹596, rising 19.5 per cent on the BSE in Wednesday's intraday trade amid heavy volumes. The stock closed 16.7 per cent higher at ₹581.9. Over the past two days, the stock of the graphite electrode manufacturer has risen nearly 33 per cent due to a healthy outlook and reports of possible gains arising from export curbs being planned by China. It was trading at its highest level since January 2019, having previously hit a record high of ₹990 on October 16, 2018.
According to media sources, China has announced that it will implement stricter end-user and end-use reviews for graphite exports to the US.
A Bloomberg report indicated that China announced an outright ban on several materials crucial to chipmaking from being exported to the US, citing concerns over military usage in a tit-for-tat move after US president Joe Biden's government escalated technology curbs on Beijing.
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The underlying slowdown in growth is due to inflation
Reserve Bank of India (RBI) Governor Shaktikanta Das, along with Deputy Governors Michael Patra, M Rajeshwar Rao, Swaminathan J and T Rabi Sankar, responded to a range of questions during a post-policy media interaction. Excerpts:
Hike in FCNR(B) deposit rate may have limited impact on flows
The Reserve Bank of India's (RBI's) decision to raise the interest rate ceilings on foreign currency non-resident bank [FCNR(B)] deposits is expected to have a limited impact on attracting inflows.
AI tool MuleHunter to tackle financial fraud
Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that the central bank has developed an innovative artificial intelligence and machine learning (AI/ML) based model, MuleHunter.ai, to address the growing issue of mule bank accounts that are often used for committing financial fraud.
Small finance banks can now offer pre-sanctioned credit line on UPI
The RBI on Friday allowed small finance banks to offer pre-sanctioned credit lines through Unified Payments Interface (UPI).
CRR cut to improve lenders' margins, may lift credit growth
The Reserve Bank of India's (RBI's) decision to cut the cash reserve ratio (CRR) by 50 basis points, injecting liquidity of ₹1.16 trillion into the banking system, is expected to reduce costs for banks and provide a much-needed boost to credit offtake, which has slowed in recent months.
A policy addressing market microstructure
The Monetary Policy Committee (MPC) kept the rates and policy stance unchanged.
No signs of stress across Adani group entities: JP Morgan
Global brokerage JP Morgan has assigned 'overweight' rating to four Adani group bonds and has ruled out \"any signs of stress\" across the key listed entities of the conglomerate saying most of them have leverage less than 5 times.
Tata Power eyes 40 mn customer base by 2030
Sinha was addressing the media at Tata Power's newly built 4.3 Gw solar module and cell manufacturing facility in Gangaikondan near Tirunelveli, Tamil Nadu.
LG Electronics latest to test India's IPO market
In India, LG Electronics is the largest home appliances and consumer electronics player after Samsung India Electronics.
Ceat set to acquire Camso for $225 mn
Ceat, an RPG Group company, on Friday announced that it had entered into an agreement with global tyre company Michelin to acquire the Camso brand's Off-Highway construction equipment bias tyres and tracks business.