ICICI Direct is bullish on HEG has recommended buy rating on the stock with a target price of Rs 5000 in its research report dated August 07, 2018.
ICICI Direct's research report on HEG
HEG has been one of the good wealth creators for investors with the stock price nearly multiplying ~9x since our Company Update in August-2017. Strong demand for graphite electrodes from the EAF steel making route amid supply constraints has led to a sharp increase in graphite electrodes prices thereby resulting in healthy profitability. The continued favourable operating environment puts domestic player like HEG in a sweet spot.
We maintain our BUY rating on the stock. A strong balance sheet and robust cash flow generation and a healthy dividend payout, going forward, reiterate our positive stance on the company.
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