Prakash Industries rallies 2% on green nod to Chhattisgarh coal mine

“The supplies of coal from this mine shall provide stability to the company’s integrated steel operations as well as significant cost reductions,” the company said in a regulatory filing at the exchanges.

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Shares of Prakash Industries surged 2 percent higher in the morning trade on September 20 after the steel products manufacturer received the environmental clearance for commercial coal mining at Bhaskarpara in Chhattisgarh.

“The development of the mine is fast in progress and the mining lease is likely to be executed by the next quarter. The supply of coal from this mine shall provide stability to the company’s integrated steel operations as well as significant cost reductions,” the company said in a regulatory filing at the exchanges.

“Further, this being a commercial mine, it shall also boost the revenue and
the profitability through sale of coal in the open market,” it said.

At 9.30am on the NSE, the Prakash Industries stock was quoting at Rs 134.35 apiece, up Rs 3.05, or 2.32 percent.

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In its results for the April-June quarter, Prakash Industries reported a 13.18 percent YoY (year-on-year) increase in revenue from operations at Rs 1,013 crore. Net profit for the quarter was up 106.97 percent on-year at Rs 89 crore. The operating profit margins for the quarter expanded by 100 basis points on a yearly basis to 12 percent.

Prakash Industries is engaged in the business of steel and power generation. The company runs steel manufacturing units that produce a variety of steel products, including bars, rods, and wires. Additionally, they generate power through their captive power plants to support their manufacturing processes.

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