Electric cars fire electrodes stocks
Domestic graphite electrodes manufacturers HEG and Graphite India have seen their share prices multiply an unprecedented
12 times and seven times, respectively, so far this year. The rally is being spurred by surging graphite prices and China demand. Demand for electric car batteries is boosting graphite prices. Also, China, whose domestic production was once putting pressure on global graphite manufacturers, has turned net importer of graphite, resulting in tightening of the market.
Fresh momentum for AU Small Finance Bank stock
After a 50 per cent rise on listing day (July 10), AU Small Finance Bank’s shares have been range-bound for some time, but the stock is likely to see some action now. Two key developments in the last week — the Reserve Bank of India’s decision to allow the small finance bank to become a scheduled commercial bank and allowing SBI Mutual Fund to buy 10 per cent in it — are likely to give the stock some fresh momentum, say market players.
Booster shot for Bharat-22 ETF
The stimulus package by the government —Rs 2.11 lakh crore bank recapitalisation plan and Rs 7 lakh crore roads investment — has come at the right time for the Bharat-22 Exchange-Traded Fund (ETF), a basket of 22 companies in which the government plans to dilute stake. The index has high weightage to stocks in the construction and banking sector. Further, top holdings include Larsen & Toubro, State Bank of India and Axis Bank, each of whom rallied sharply after the government’s announcement. The Centre is planning to raise as much as Rs 12,000 crore through the Bharat-22 ETF early-November.