When the lockdown began, Graphite India had shut down its units, starting 23rd March. At that time, it had hoped to begin production from 14th April.
Well, it missed 14th April but just by 2 days – it announced yesterday that it has begun partial manufacturing operations at its graphite electrode plant in Satpur, Nashik , Maharashtra.
It is engaging minimum labour/manpower, after obtaining requisite permission from the Government authorities, while taking adequate measures to protect its employees / labourers.
At this point of time, it is very difficult to assess the impact of the lockdown but its heartening to note that it began at least partial operations.
The market is thrilled with the news which explains why the stock hit the 5% UC at Rs.197, the moment it opened for trading. There were over 50k pending buy orders on the counter.
The other manufacturer, HEG too hit the 5% UC at Rs.782.95 as soon as it opened for trading though it did not make any such announcement. In fact the stock exchange has sought clarification from the company, to explain the significant movement in price, in order to ensure that investors have latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded.