Goa Carbon hits the roof after strong performance in December

Goa Carbon hit an upper circuit limit of 5% at Rs 230.40 after the company reported operational performance for December 2019.

Goa Carbon after market hours on Tuesday announced that its total calcined petroleum coke production rose 77% to 11,111.80 MT (aggregating to Rs 18.69 crore) in December 2019, compared with 6,289 MT (aggregating to Rs 18.25 crore) of coke produced in December 2018.

Sequentially, production fell 27.91% in December 2019 from 15,413.90 MT (aggregating to Rs 29.02 crore) in November 2019.

Meanwhile, the company announced during trading hours Tuesday that the maintenance work at the company's unit in Goa has completed and the Kiln has been lit up from 6 January 2020. After preliminary heat up, feeding of raw material will commence and normal production is likely to resume from 7 January 2020, the company said in an exchange filing.

Goa Carbon reported a net loss of Rs 13.77 crore in Q2 September 2019, higher than net loss of Rs 1.27 crore in Q2 September 2018. Net sales fell 10.5% to Rs 101.46 crore in Q2 September 2019 over Q2 September 2018.

Goa Carbon is engaged in the manufacture and sale of calcined petroleum coke. The firm is a supplier to aluminum smelters, graphite electrode and titanium dioxide manufacturers, as well as other users in the metallurgical and chemical industries.

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