Moneycontrol Bureau
Shares of Prakash Industries gained more than 4 percent on Thursday after the company deposited additional levy with coal controller following Supreme Court's order.
"Prakash Industries deposited a total amount of Rs 234.22 crore with the coal controller, ministry of coal, towards the additional levy against its Chotia Coal Block following the Supreme Court of India's order," said the company that engaged in the business of mining, steel and power.
Coal ministry already started the coal block auction process. This Chotia Coal Block is also a part of this first phase coal auction. "The company now became eligible to participate in auction process as it was a precondition to first pay additional levy to become eligible," it added.
Prakash Industries looks forward to obtain a suitable coal block through this coal block auction process soon.
At 11:04 hours IST, the stock was quoting at Rs 59.30, up Rs 2.40, or 4.22 percent on the Bombay Stock Exchange.
Posted by Sunil Shankar Matkar
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