Moneycontrol
Jan 12, 2017 10:03 AM IST | Source: Moneycontrol.com

Prakash Ind up 9%, Odisha govt grants 50 years mining lease

"The Odisha government executed and registered a mining lease of iron ore and manganese ore in favour of the company in Keonjhar district for a period of 50 years," as per company release.

 
 
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Moneycontrol Bureau

Share price of Prakash Industries touched 52-week high of Rs 68.90, rises 9 percent intraday Thursday as Odisha government has granted mining lease in favor of company for 50 years.

"The Odisha government executed and registered a mining lease of iron ore and manganese ore in favour of the company in Keonjhar district for a period of 50 years," as per company release.

"As per the plan, geological reserves are around 9.9 million tonnes. The mine is expected to be developed in the next 6 months and thereafter the iron ore production from the mine would be utilized for captive purpose," it added.

With this captive sourcing, the operating margin and profitability of the company would improve significantly.

At 09:45 hrs Prakash Industries was quoting at Rs 66.30, up Rs 3.15, or 4.99 percent on the BSE.

Posted by Rakesh Patil
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