Goa Carbon drops as operations at Paradeep unit halted

Goa Carbon lost 2.06% to Rs 661 at 10:46 IST on BSE after the company said that operations at Paradeep unit have been temporarily halted due to labour issues.

Meanwhile, the S&P BSE Sensex was down 164.83 points, or 0.46% to 35,383.43.

On the BSE, 9,918 shares were traded in the counter so far compared with average daily volumes of 14,000 shares in the past two weeks. The stock had hit a high of Rs 670.90 and a low of Rs 655.30 so far during the day. The stock hit a record high of Rs 1,215.40 on 15 January 2018. The stock hit a 52-week low of Rs 174.05 on 16 June 2017.

Goa Carbon said that the operations at the company's Paradeep Unit at Village Udayabata, Odisha has been put on temporary halt due to the obstructions by the contract workers from 6:00 IST on 16 June 2018 with their sudden demand for raising of their retirement age. The announcement was made after market hours yesterday, 18 June 2018.

Meanwhile, Goa Carbon during market hours today, 19 June 2018 said that the issue with the contract workers at the company's Paradeep unit at Village Udayabata, Odisha has been resolved and the normalcy at the plant has been restored. Further, the company has decided to extend the plant shutdown for the regular maintenance work. The production at the plant is expected to resume shortly.

Goa Carbon's net profit rose 143.12% to Rs 11.84 crore on 100.33% growth in total income to Rs 162.37 crore in Q4 March 2018 over Q4 March 2017.

Goa Carbon is in the business of manufacture and marketing of Calcined Petroleum Coke.

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