Goa Carbon slumps after dismal Q2 results

Goa Carbon was locked in 5% lower circuit at Rs 241.45 after the company reported a net loss of Rs 13.83 crore in Q2 September 2019 as against a net loss of Rs 1.07 crore in Q2 September 2018.

The company's revenue from operations fell 10.59% to Rs 101.48 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.

Meanwhile, the S&P BSE Sensex was up 494.60 points or 1.62% to 38,026.58.

On the BSE, 2428 shares were traded in the counter so far compared with average daily volumes of 13,000 shares in the past two weeks. The stock hit a high of Rs 248 and a low of Rs 241.45 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.

The stock has underperformed the market over the past one month, sliding 5.80% compared with 1.04% fall in the Sensex. The scrip has also underperformed the market in past one year, declining 45.38% as against Sensex's 8.87% fall.

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