HEG Ltd, India’s leading graphite electrode manufacturer, is set to split its shares for the first time. The ratio of the stock split is 1:5. The company has also fixed the record date for the same. Ahead of the split, brokerage Prabhudas Lilladher has recommended BUY for a target price ranging between Rs 2,700 to Rs 3,000.

HEG Share Price:

After market hours of September 27, HEG shares ended at Rs 2452 apiece, up by 1.5% on BSE with a market cap of Rs 9,463.62 crore, The stock’s 52-week high and low is at Rs 2,744.60 apiece and Rs 1,466.85 apiece respectively.

YTD, HEG stock surged by over 27% on BSE.

HEG Share Prabhudas Lilladher:

Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher said, that HEG, overall, maintaining the strong uptrend, has recently witnessed a short correction, and having taken support near 1960 levels, has indicated a pullback with a positive candle formation on the daily chart, moving past the significant 50EMA level of 2080 to improve the bias once again and anticipating further rise in the coming days.

Parekh’s note added, “With the RSI also flattening out after the slide has indicated a trend reversal to signal a buy with much upside potential visible.”

That being said, Parekh said, “We suggest buy now & in decline for an upside target of 2700-3000, keeping the stop loss at the 2000 level.”

HEG Stock Split:

The company has fixed Friday, October 18, 2024 as the “Record Date” for determining entitlement of Equity Shareholders for the purpose of sub-division / split of existing Equity Shares of the Company, such that 1 (One) Equity Share of the Company of the face value of Rs. 10/- (Rupees Ten Only) each fully paid up be sub-divided/split into 5 (Five) Equity Shares of the Company of face value of Rs.2/- (Rupees Two Only) each fully paid up.

The stock split ratio is 1:5.

Generally, share splits mean that listed companies can split their existing shares into a ratio decided by them for a host of reasons. These could be done to improve liquidity, lessen the value of the stock, make it cheaper or simply attract new buying from both existing and new investors.

About HEG Ltd:

HEG Ltd, a premier company of the LNJ Bhilwara group, is today India’s leading graphite electrode manufacturer. It has one of the largest integrated Graphite Electrode plants in the world, processing sophisticated UHP (Ultra High Power) Electrodes.

Story first published: Friday, September 27, 2024, 23:57 [IST]