Goa Carbon slumps about 10% in two sessions

Goa Carbon was locked in 5% lower circuit at Rs 229.40, extending yesterday's slump triggered by the company's dismal Q2 earnings.

The company reported a net loss of Rs 13.77 crore in Q2 September 2019 as against a net loss of Rs 1.27 crore in Q2 September 2018. Net sales fell 10.47% to Rs 101.46 crore in Q2 September 2019 over Q2 September 2018. The result was announced during market hours today, 9 October 2019.

Goa Carbon said that Bilaspur plant was shut down for 8 days while the Paradeep plant was shut down for 33 days due to the absence of viable export and domestic orders during the quarter ended 30 September 2019.

On 7 October 2019, the company announced that its total calcined petroleum coke production was 8,307.800 metric ton (MT) valued at Rs 17 crore.

Following the Q2 results, the stock hit a lower circuit limit of 5% to end at Rs 241.45 yesterday. The stock has fallen 9.73% in two trading sessions to its current market price of Rs 229.40, from its close of Rs 254.15 on 7 October 2019.

Meanwhile, the S&P BSE Sensex was down 257.81 points or 0.68% to 37,920.14.

On the BSE, 2436 shares were traded in the Goa Carbon counter so far compared with average daily volumes of 2917 shares in the past two weeks. The stock hit a high of Rs 240 and a low of Rs 229.4 so far during the day.

The stock hit a 52-week high of Rs 780.2 on 12 Oct 2018. The stock hit a 52-week low of Rs 203 on 26 Aug 2019.

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