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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