Goa Carbon shares rise 9% in early deals, here's why

Shares of Goa Carbon gained over 9% in early deals on Wednesday after the firm said operations at its Goa Unit located at St. Jose de Areal, Salcete-Goa have resumed from September 10. Goa Carbon stock rose 9.38% to Rs 850 against the previous close of Rs 777.05 on BSE. Market cap of the firm climbed to Rs 756.33 crore.

"We wish to inform the exchange that the operations at the Company's Goa Unit located at St. Jose de Areal, Salcete-Goa has resumed from today. The Kiln has been lit up. After preliminary heat up and commencement of feeding of raw material, normal production shall resume shortly," the firm said in a communication to bourses on Tuesday.

Goa Carbon stock climbed 51% in a year and gained 86% in two years.

The stock clocked a turnover of Rs 2.5 crore as 0.30 lakh shares changed hands on BSE in today’s session. The stock has surged 68% from its 52-week low. It fell to a 52 week low of Rs 492.50 on October 26, 2023 and rose to a 52 week high of Rs 1009.45 on April 4, 2024.

Goa Carbon shares have a beta of 0.7, indicating low volatility in a year.

Shares of Goa Carbon are trading above their 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages. This implies the stock has been in bullish zone in all time periods.

Goa Carbon is in the business of manufacture and sale of Calcined Petroleum Coke from its manufacturing facilities at Goa, Paradeep and Bilaspur.