Prakash Industries share price rose more than 7 percent in the early trade on November 25 after the company signed the mining lease with Government of Chhattisgarh for mining of coal over a period of 30 years for Bhaskarpara commercial coal mine in district Surajpur.
At 09:24am, Prakash Industries was quoting at Rs 170.95, up Rs 8.30, or 5.10 percent, on the BSE.
Now, the Company will start overburden removal by next month and thereafter the coal extraction is expected to commence in the next quarter.
The supplies of coal from this mine shall provide stability to integrated steel operations as well as result in significant cost reductions. Additionally, this being a commercial mine, it shall also boost the revenue and the profitability through sale of coal in the open market, company said.
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The company had reported profit after tax of Rs 90 crore in the quarter ended September 2024 as against Rs 89 crore, YoY.
The share touched a 52-week high of Rs 237.25 and a 52-week low of Rs 128.15 on 27 August, 2024 and 14 March, 2024, respectively.
Currently, the stock is trading 27.95 percent below its 52-week high and 33.4 percent above its 52-week low.
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