Will Graphite India Explode From its Current Levels?

  • Stock Market Analysis

The primary activity of Graphite India (NS: GRPH ) Ltd is the production and marketing of graphite, carbon, and other goods. On the BSE, GRAPHITE INDIA last traded for Rs. 367.8, an increase of 1.0%. On the NSE, GRAPHITE INDIA's latest trading price was Rs 367.5, an increase of 0.9%. 1.4 million shares were exchanged in total. The larger S&P BSE Capital Goods Index decreased overall by 0.7%. The benchmark S&P BSE SENSEX was also down 0.3% at 61,624.2.
 
The Granite India share price has increased by 2.1% during the past 30 days. And the share price of Granite India has decreased by 29.7% during the past year. The current market value of Granite India is Rs 71,859.15 million. Promoters of the business owned 65.34% of Graphite India as of September 2022. The 52-week high and low of the stock are 587 and 348 respectively. The book Value is 249 Rs. and the stock P/E ratio is 19.4. The business has nearly no debt. The company is anticipated to provide a strong quarter; over the last three years, the return on equity has been poor, at 3.64%. Other revenue of Rs. 234 Cr. is included in earnings.
 
Long-term investors can consider the stock. Graphite India is the largest producer of graphite electrodes in the country and one of the largest in the world. The stock has been crushed downward from 750 levels to 350 levels since last April 2021. On the plus side, we witnessed a slight rebound on January 2022 from 400 levels to 550 levels in a remarkably brief period of time. Once more, there was intense selling at 550 rupee levels on one side, reaching a recent low of 348 rupees.
 
Charts clearly show that the stock is receiving support between 335 and 340 rupees, which corresponds to the second stage of the retracement. At 340, the stock is consolidating and receiving strong support. We can anticipate a significant upside surge of 25% from those levels with fresh delivery buying in this counter if it rises above 380 levels with decent volumes.
 

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