HEG shares hit 5% upper circuit after ₹217 crore lithium-ion battery order from Indus Towers

HEG Advanced Materials shares surged 5% to touch the upper circuit level after the opening bell on Monday, September 21, as investors focused on the company’s subsidiary receiving a lithium-ion battery bank supply order from Indus Towers.

As per the exchange filing, HEG Advanced Materials’ subsidiary firm named Replus Engitech Pvt. Ltd, received a ₹217.56 crore lithium-ion battery bank supply order from Indus Towers.

“We wish to inform you that Replus Engitech Private Limited, a subsidiary of the company, has received orders from Indus Towers Limited (formerly Bharti Infratel Limited) for the supply of Lithium-Ion Battery Banks,” the company informed the stock exchanges.

NSE data showed that HEG shares jumped 5% to touch their intraday high and upper circuit level of ₹248.90 apiece on Monday’s market, in comparison to ₹237.05 apiece at the previous equity market close.

With trading volumes surging over 400K across the NSE and BSE combined, investors were powering the buying momentum of the stock with no sell orders in sight after the trading halt at the upper price band.

The company announced the order book update on Sunday, September 20, resulting in the stock's reaction during Monday’s market.

Indus Tower shares were also trading in the positive zone, up 0.27% at ₹376.90 apiece during the morning trading session on September 21, compared to ₹375.90 apiece at the previous market close on NSE.

Supply timeline

HEG’s latest order update is for a total consideration of ₹217.56 crore, which includes the goods and services tax (GST) due for the transaction, according to the NSE filing.

The company disclosed that the lithium-ion battery bank supply order from Indus Towers will be executed on or before March 31, 2027 or an extension based on the mutual agreement between both parties.

HEG demerger

Earlier in September 2026, HEG Ltd carried out a demerger to separate its business into two entities, in order to isolate its graphite electrode business into a standalone entity post the corporate action.

Under the demerger scheme, HEG Ltd has now been renamed as HEG Advanced Materials Ltd, and the newly separated entity is named HEG Graphite Ltd, which is estimated to be listed on NSE and BSE in the second half of October 2026.

HEG Advanced Materials holds the company’s advanced materials, battery energy solutions, and green power businesses and Bhilwara Energy, while HEG Graphite will only be a pure-play graphite electrode company.

Shareholders invested in HEG Ltd received the shares of the newly demerged entity at a 1:1 ratio.

Earlier, the company also announced an amalgamation arrangement in which HEG Advanced Materials will issue 8 equity shares with a face value of ₹2 apiece to existing shareholders of Bhilwara Energy, excluding HEG Advanced Materials Limited, for every 7 equity shares held by investors.

HEG shares were trading on an ex-demerger basis from September 7, adjusted to reflect the value of the demerged graphite electrode business.

NSE data showed that the company’s stock has gained 4.9% in the last five market sessions.