Goa Carbon spurts after SC order

Goa Carbon surged 10% to Rs 353.65 after the Supreme Court dismissed writ petitions requiring 90% scrubbing efficiency as a pre-requisite for allocation of 1.4 mn MT quota of imported raw petroleum coke (RPC) to all the calciners.

The petitioners had suggested 90% scrubbing efficiency to control Sulphur Dioxide (S02) emission is a pre-requisite for allocation of 1.4 mn MT quota of imported raw petroleum coke (RPC) to all the calciners.

The Supreme Court (SC) said that it found no merit in the prayers and it dismissed all applications. The apex court allowed Central Pollution Control Board and the Ministry of Environment and Forest to finalize the standards and place it before the Court within six months from 13 September 2019.

Accordingly, Goa Carbon's position in terms of allocation of the imported RPC quota stands the same.

In July 2018, SC ordered a ban on import and use of petcoke as fuel, exempting only a few industries such as cement, lime kiln, calcium carbide and gasification. Later in October 2018, the government permitted imports of certain quantity of pet coke, used for fuel purpose, for anode making by the aluminium industry. It also allowed imports of 1.4 MT per annum pet coke for producing calcined pet coke by the Calcined Pet Coke manufacturing units on actual user condition.

On the BSE, 99139 shares were traded in the Goa Carbon counter so far compared with average daily volumes of 24360 shares in the past one quarter. The stock hit a high of Rs 353.65 and a low of Rs 311 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.

On a consolidated basis, Goa Carbon reported a net loss of Rs -5.02 crore in Q1 June 2019 over a net profit of Rs 7.45 crore in Q1 June 2018. Net sales rose 11.4% to Rs 138.86 crore in Q1 June 2019 over Q1 June 2018.

Goa Carbon is an Indian petrochemical company and is engaged in the manufacture and sale of Calcined Petroleum Coke.

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