Prakash Industries share price gained as much as 1.66 percent in morning on Monday after the company received stage-I approval for Sirkaguttu Iron Ore Mine.
The steel manufacturer said the Odisha Government had executed the mining lease of Sirkaguttu Iron Ore Mine, having geological reserves of around 9.9 million tonnes, in favour of the company in January 2017.
The company has already received Stage-I approval for diversion of Revenue Forest Land from Ministry of Environment, Forest & Climate Change. The company is now proceeding with other required clearances, and steps are being taken to operate the mine by next month.
With this captive sourcing of Iron Ore, the company's dependence on open market sources will reduce substantially; thereby improving the overall operating and profitability margins of the company, it said.
At 09:45 hours IST, the stock price was quoting at Rs 145.65, up Rs 1.15, or 0.80 percent on the BSE.
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