Goa Carbon surges after strong production in May

Goa Carbon hit an upper circuit of 10% at Rs 245.75 after the company said its production jumped 94.82% to 19,245.40 million tonnes (MT) in May 2020 as against 9,878.30 MT in May 2019.

On a month-on-month (M-o-M) basis, the company's production soared 333.80% in May 2020 from 4,436.40 MT in April 2020. The disclosure was made during trading hours today, 10 June 2020.

The stock surged 33.48% in a month. On the technical front, the stock's RSI (relative strength index) stood at 69.730. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 181.84 and its 200-day moving average (DMA) placed at 223.98.

On a standalone basis, Goa Carbon reported a net loss of Rs 4.12 crore in Q3 December 2019, lower than a net loss of Rs 4.91 crore in Q3 December 2018. Net sales jumped 13.38% to Rs 106.88 crore in Q3 December 2019 over in Q3 December 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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