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Goa Carbon gains after Bilaspur unit resumes operations

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Goa Carbon rose 2.52% to Rs 248 after the company said that operations of its Bilaspur unit has resumed.

Goa Carbon informed the exchanges post trading hours on Thursday that operations at its Bilaspur init in Chhattisgarh had resumed. The Kiln has been lit up from Wednesday, the filing said. After preliminary heat up and commencement of feeding of raw material, normal production will resume shortly, the company added.

Goa Carbon after market hours on Tuesday announced that its total calcined petroleum coke production rose 77% to 11,111.80 MT (aggregating to Rs 18.69 crore) in December 2019, compared with 6,289 MT (aggregating to Rs 18.25 crore) of coke produced in December 2018.

Sequentially, production fell 27.91% in December 2019 from 15,413.90 MT (aggregating to Rs 29.02 crore) in November 2019.

Meanwhile, the company announced during trading hours Tuesday that the maintenance work at the company's unit in Goa has completed and the Kiln has been lit up from 6 January 2020. After preliminary heat up, feeding of raw material will commence and normal production is likely to resume from 7 January 2020, the company said in an exchange filing.

Shares of Goa Carbon jumped 13.37% in four trading sessions to its current market price of Rs 248 from its recent closing low of Rs 218.75 on Monday, 6 January 2020.

On the technical front, the stock's RSI (relative strength index) stood at 68.541. 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 in between its 50-day moving average (DMA) placed at Rs 215.90, which is set to serve as a support while its 200-day moving average (DMA) placed at Rs 307.76, would serve as a resistance in the near term trading sessions.

Goa Carbon reported a net loss of Rs 13.77 crore in Q2 September 2019, higher than net loss of Rs 1.27 crore in Q2 September 2018. Net sales fell 10.5% to Rs 101.46 crore in Q2 September 2019 over Q2 September 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 10 2020. 12:06 IST