The company's Q2 profit declined 72.5 percent to Rs 33.1 crore versus Rs 120.2 crore
Shares of Prakash Industries rose 5 percent intraday on November 7 after the company emerged as the highest bidder for Bhaskarpara coal mine.
The company participated in the 81st tranche of Coal Blocks auction, conducted by Ministry of Coal and has emerged as the highest bidder for the Bhaskarpara Coal Mine in Chhattisgarh, as per BSE release of the company.
The mine has an extractable reserve of 24.06 million tonnes and its coal is highly suitable for use in our Integrated Steel plant at Champa (Chhattisgarh), it added.
Presently the company is buying coal through the linkages allotted by Coal India and also through imports.
It is expected that the vesting order for the mine by the Nominated Authority of Ministry of Coal may be issued to the company in the due course of time.
Availability of coal from the Bhaskarpara Coal Mine will substantially enhance the operating margins of the company, the company said.
However, the company's Q2 profit declined 72.5 percent to Rs 33.1 crore versus Rs 120.2 crore, while revenue declines 12.1 percent to Rs 762.3 crore versus Rs 867.6 crore, YoYAt 0940 hrs, Prakash Industries was quoting at Rs 53.00, up Rs 1.75, or 3.41 percent on the BSE.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.