Goa Carbon's shares rose over 9 percent on September 11 and hit an intraday high of Rs 849.7 after the company informed the exchanges that it has officially resumed operations in its Goa unit following a temporary shutdown for maintenance work. The plant, located in St. Jose de Areal, Salcete-Goa, had been non-operational since July 29.
At 10.55 AM, shares of Goa Carbon traded over 6 percent higher at Rs 827. On a year-to-date basis, the stock has gained over 44 percent, outperforming the Nifty 50 which gained a little over 15 percent during the same period.
The company's shares posted positive monthly returns from June to September this year. The strongest performance of 2024 came in January and April, when the stock delivered monthly gains of 29 percent and 22 percent, respectively.
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"Operations at the Company's Goa Unit located at St. Jose de Areal, Salcete-Goa have resumed from today," the company stated in its letter to the exchange on September 10. The kiln has been relit, with the preliminary heat-up process underway. Once raw materials are fed into the kiln, the company expects normal production to follow shortly.
The plant was temporarily shut down in late July for scheduled maintenance. At the time, the company informed the exchange, saying, "...operations at the Company's Goa Unit located at St. Jose de Areal, Salcete-Goa have been temporarily shut down for maintenance work from today, 29th July 2024."
Goa Carbon reported a 76 percent decline in net profit for June 2024, posting Rs 2.9 crore compared to Rs 12.6 crore in the same period last year. Net sales also fell by over 66 percent and stood at Rs 127.8 crore against Rs 382.2 crore in June 2023. The company's EBITDA saw a decrease of 62.5 percent, coming in at Rs 10.2 crore, down from Rs 27.2 crore in the corresponding period last year.
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