INSUBCONTINENT EXCLUSIVE:
MUMBAI: Indian graphite electrode makers offer the purest play in the sector, said Bank of America Merrill Lynch (BofAML) in a note on
levels following the report.
Shares of HEG ended up 20 per cent at Rs 3,871.05 while that of Graphite India ended up 5 per cent at Rs 829.20
on the BSE.
Shares of HEG have surged 2,580 per cent in the last three years and Graphite India has gained 1,056 per cent during the same
majority exported to global customers
benefit from the rupee as US dollar exports are 70 per cent of sales, said BofAML.
The financial services giant has expanded its research
coverage of the graphite electrode sector to the Asia-Pacific region.
BofAML said HEG is the purest play on the sector gkobally with 99 per
cent of its revenue from graphite electrode and 75 per cent being exported to international markets on short term contracts
is trading at 3.9 times one-year forward price-to-earnings, which makes it the cheapest graphite electrode producer globally, said
