Graphite India shares saw profit booking in trade on Thursday after rising more than 17 per cent in the previous two sessions.
Shares of the company traded up to 1 per cent lower at Rs 838.50 apiece on the NSE, down 0.73 per cent.
The stock had gained more than 17 per cent in the previous two sessions. The sharp 15 per cent rise in the previous session came after global graphite electrode maker GrafTech International announced a 30 per cent price increase, raising expectations of firmer electrode prices globally.
The development gains significance as Graphite India is currently the only listed pure-play company in the space.
Prasenjit Paul, Fund Manager and Wealth & Research Analyst at Paul Asset, said higher electrode prices could meaningfully improve Graphite India's earnings, but GrafTech's 30 per cent hike does not automatically mean a similar increase for the company.