HEG's consolidated net profit slumped 95.4% to Rs 10.76 crore on 71.4% decline in net sales to Rs 233.29 crore in Q1 June 2020 over Q1 June 2019.
Consolidated profit before tax (PBT) tumbled 96.9% to Rs 10.98 crore in Q1 June 2020 as against Rs 359.98 crore in Q1 June 2019. The Q1 result was declared post trading hours yesterday, 10 August 2020.
The World Health Organisation (WHO) declared outbreak of coronavirus disease (COVID-19) a global pandemic on 11 March 2020. Subsequently, the Government of India declared nationwide lockdown on 23 March 2020 and the company temporarily suspended the operations of the company in compliance with the lockdown instructions issued by central and state governments and resumed the operations from 23 April 2020. Since the lockdown was in force for a significant period of the quarter, the company's operations and financial results for the quarter ended 30 June 2020 have been adversely impacted. The results for the quarter are, therefore, not comparable with those for the previous quarters.
On the technical front, the stock's RSI (relative strength index) stood at 51.388. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading below its 50-day moving average (DMA) placed at 836.60 and its 200-day moving average (DMA) placed at 902.80.
HEG is engaged in manufacturing of graphite electrodes, which are used by manufacturers of steel. The firm's segments include graphite, power and unallocable items/others.
Shares of HEG rallied 3.54% to Rs 817 on BSE. The scrip hovered in the range of Rs 781.30 to Rs 818.90 so far.
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