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Goa Carbon declines after Q1 net loss of Rs 5 cr

Capital Market 

Goa Carbon fell 1.29% to Rs 214.05 after the company recorded a net loss of Rs 5.07 crore in Q1 June 2020 as against net loss of Rs 5.02 crore in Q1 June 2019.

Net sales slumped 59.9% to Rs 55.62 crore in Q1 June 2020 over Q1 June 2019. The company reported pre-tax loss of Rs 5.05 crore in Q1 June 2020 compared with pre-tax loss of Rs 5.85 crore in Q1 June 2019. The Q1 earnings were announced after trading hours yesterday, 10 September 2020.

Due to the absence of viable export and domestic orders, the company's Goa plant was shut for 36 days, Bilaspur plant for 35 days and Paradeep plant for 23 days during the quarter ended 30 June 2020.

On Wednesday, 9 September 2020, Goa Carbon said that its total production declined 36.80% to 10,508.50 million tonnes (MT) in August 2020 as against 16,627 MT in August 2019. On a month-on-month (M-o-M) basis, the company's total production fell 35.98% in August 2020 from 16,414.7 MT in July 2020.

There was no production at the company's Bilaspur plant in August 2020. The Bilaspur unit in Chhattisgarh was temporarily shut down for maintenance work from 24 July 2020. Meanwhile, the operations at the company's Goa unit located at St Jose de Areal, Salcete-Goa was temporarily shut down for maintenance work from 4 September 2020.

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.

The scrip grew 95.92% from its 52-week low of Rs 109.25 hit on 25 March 2020. On the technical front, the stock's RSI (relative strength index) stood at 48.174. 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 below its 50-day moving average (DMA) placed at 220.58 and its 200-day moving average (DMA) placed at 214.76.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, September 11 2020. 09:57 IST