Graphite India opened higher today, going up 3.5% to Rs.877.70 with volumes showing a big jump of over three times.
The stock is up as its Bangalore plant has received the consent for resuming operations from Karnataka State Pollution Control Board (KSPCB).
After KSPCB made its observations in Spet’18, the company, by Nov’18 informed KSPCB of the completion of all steps necessary (including the revamping work) in compliance of the observations.
The pollution control board inspected the plant on 23rd Nov’18 and pursuant to that, KSPCB renewed the "Consent for operations" for a period up to 30.6.2020 only with condition to shift the unit from the existing location.
The operations to be carried out in the plant are the same as was being done in recent years (except impregnation) and in line with the application made to KSPCB for the consent.
The company has stated that the condition will not have adverse impact on the production capacity of the graphite electrode division as a whole in the medium and long term.