HEG Advanced Materials shares rose 5% to reach the upper circuit level of ₹248.90 on Monday, September 21, after its subsidiary Replus Engitech Pvt. Ltd secured a ₹217.56 crore lithium‑ion battery bank supply order from Indus Towers. The order, disclosed in an exchange filing on Sunday, September 20, prompted investors to focus on the company’s battery energy solutions business, driving the stock’s intraday high from the previous close of ₹237.05.

Trading volumes across the NSE and BSE increased, with no sell orders recorded after the trading halt at the upper price band. The market reaction was swift, as the company’s announcement came shortly before the opening bell. Indus Towers shares also moved higher, up 0.27% to ₹376.90, compared with ₹375.90 at the prior close, indicating a positive sector sentiment.

The lithium‑ion battery bank supply order is valued at ₹217.56 crore, inclusive of goods and services tax, and is scheduled for execution on or before March 31, 2027, or an extension agreed upon by both parties. The order update was filed with the NSE, and the company confirmed that the supply will be delivered by the stated deadline, providing a clear timeline for the transaction.

Earlier in September 2026, HEG Ltd completed a demerger that split its business into two entities: HEG Advanced Materials Ltd, which retains advanced materials, battery energy solutions, green power businesses and Bhilwara Energy, and HEG Graphite Ltd, a pure‑play graphite electrode company. The demerger was executed to isolate the graphite electrode business, and HEG Graphite is expected to list on the NSE and BSE in the second half of October 2026.

Shareholders of the former HEG Ltd received shares of the newly demerged entity at a 1:1 ratio. Additionally, the company announced an amalgamation arrangement whereby HEG Advanced Materials will issue eight equity shares of ₹2 face value to existing shareholders of Bhilwara Energy, excluding HEG Advanced Materials Limited, for every seven equity shares held by investors. The stock has been trading on an ex‑demerger basis since September 7, adjusted to reflect the value of the graphite electrode business.

Since the demerger, HEG Advanced Materials shares have gained 4.9% over the last five market sessions, reflecting investor confidence in the company’s post‑split operations. The recent lithium‑ion battery order from Indus Towers adds a significant revenue opportunity, reinforcing the company’s position in the battery energy solutions market and supporting the upward trajectory of its share price in the short term.