Prakash Industries soars on getting final nod for Bhaskarpara Commercial Coal Mine
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Prakash Industries is currently trading at Rs. 179.85, up by 4.25 points or 2.42% from its previous closing of Rs. 175.60 on the BSE.
The scrip opened at Rs. 181.85 and has touched a high and low of Rs. 181.85 and Rs. 176.05 respectively. So far 46569 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 223.70 on 02-Feb-2024 and a 52 week low of Rs. 88.23 on 14-Aug-2023.
Last one week high and low of the scrip stood at Rs. 184.70 and Rs. 170.00 respectively. The current market cap of the company is Rs. 3233.32 crore.
The promoters holding in the company stood at 44.24%, while Institutions and Non-Institutions held 5.06% and 50.70% respectively.
Prakash Industries has received final approval from Ministry of Forest & Climate Change, State Government of Chhattisgarh for its Bhaskarpara Commercial Coal Mine.
The Permission to Establish is already in place from the Chhattisgarh Environment Conservation Board and the development of the mine is progressing fast. The Mining Lease is now likely to be executed very soon.
The supplies of coal from this mine shall provide stability to the Company's Integrated Steel operations as well as result in significant cost reductions. Additionally, this being a commercial mine, it shall also boost the revenue and the profitability through sale of coal in the open market.
Prakash Industries is rapidly carving its niche in the Indian steel industry, and has emerged as one of the key producers of value added steel products in the country.
