Goa Carbon rises after strong production figures in Nov

Goa Carbon rose 2.25% to Rs 207.10 after the company disclosed its operational performance for November 2019.

The company's total calcined petroleum coke production was 15,413.90 MT in November 2019, up 596.48% compared with total production of 2,213.10 MT in November 2018.

The total calcined petroleum coke production was up 33.06% in November 2019 over 11,584 MT in October 2019.

Meanwhile, the S&P BSE Sensex was up 86 points or 0.21% to 40,531.12.

In the past one month, shares of Goa Carbon fell 7% to its current market price of Rs 207.10.

On the technical front, the stock's RSI (relative strength index) stood at 43.913. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading below its 50-day moving average (DMA) placed at Rs 227.33, as well as below its 200 DMA placed at Rs 331.63.

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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