HEG stock rallied 16 percent on Thursday after receiving a positive brokerage note from broking firm InCred Equities. The broking firm, initiated coverage on the stock with an add rating and has set a target price of Rs 2,462 per share.

Share Market Live

NSE

The broking firm expects HEG to greatly benefit from the global decarbonisation trend. The report highlights that the company is venturing into the production of anodes for lithium-ion batteries used in electric vehicles. As the electric vehicle market shows significant growth potential in both India and worldwide, this could serve as a substantial catalyst for HEG's growth, the report added.

Currently, HEG primarily manufactures graphite electrodes, which serve as a raw material in the production of steel.

Also Read: HEG’s Manish Gulati optimistic about volume recovery in FY24, expects improvement by year-end

(Edited by : Pradeep John)