Goa Carbon shares zoom 11% on launching product for carbon additive markets

Shares of Goa Carbon rallied 11.2 per cent at Rs 873 per share on the NSE in Thursday intraday deals. The stock price jumped after the company announced the launch of its first branded product, ‘gcarb plus’.

The calcined petroleum coke manufacturer said that ‘gcarb plus’ is aimed at the recarburiser and carbon additive markets. 

Gcarb plus is a carbon additive, which will meet the specific requirements of the primary and secondary steel manufacturers and foundry industries, the company said. 

The product comes with guaranteed specifications, including low sulphur content, significantly reducing harmful emissions and supporting environmental sustainability, the company said in an exchange filing on Thursday. 

For the January-March quarter of fiscal year 2023-24 , the company reported a major decline in revenue, down by 42.9 per cent to Rs 183.94 crore compared to the same period last year. On a quarterly basis, the company’s revenue slumped by 33.3 per cent.

In contrast, the net profit of Goa Carbon Ltd surged by 76.94 per cent to Rs 9.36 crore in Q4FY24 compared to the same quarter last year. However, on a quarterly basis, the profits fell by 72.94 per cent.

Goa Carbon is a petrochemical company engaged in the manufacture and sale of calcined petroleum coke. It serves industries including aluminum, graphite, electrode, foundry, glass, carbon paste, steel, titanium dioxide, metallurgical, and chemical industries.

At 02:26 PM; the stock of the company was trading 6.27 per cent higher at Rs 835 per share. In comparison, the NSE Nifty50 rose by 0.29 per cent. At present, the shares of the company are trading at a price to earnings multiple of 8.41 times and an earning per share of Rs 93.44