The petroleum coke manufacturer Goa Carbon saw its share price soar by double digits and hit a new 52 week high after the company posted March results, with positive net profits of Rs. 5.08 crore, a sharp recovery from the losses of the December quarter. The company ended FY17 with net profits of Rs. 9.1 crore, compared to Rs. 3.39 crore in losses for FY 16.

The company said that its performance weakened in the December quarter because of shifts in delivery schedules for customers, and its reliance on imports for its raw materials. The latter subjected it to cost fluctuations, it said, that particularly impacted it in Q3.