Goa Carbon hits upper circuit as plant turns operational

The stock of Goa Carbon opened gap-up and soon hit upper circuit on Monday. This upsurge in the stock was a result of the resumption of regular operations at the company's Goa plant.

Goa Carbon Limited intimated the resumption of operations at Goa unit after the completion of the maintenance work, on Friday post market hours. Maintenance at the unit located at Salcete-Goa was completed and normal production resumed on August 18.

Earlier in the month, the stock hit upper circuit when it was moved out of additional surveillance measure (ASM) framework. Also, the government regulation on import of pet coke by the Indian companies bodes well for the company. On a MoM basis, the stock has moved up by more than 64.51 per cent.

On Monday, the stock of Goa Carbon closed at Rs. 792.85 per share, up by Rs. 37.75 or 5.00 per cent on BSE Sensex. The BSE Sensex closed upbeat at 38,278.75, up by 330.87 points or 0.87 per cent.

Goa Carbon Limited is a state-owned company and India's second largest manufacturer and marketer of Calcined Petroleum Coke.