Prakash Industries share price surged 14 percent intraday on January 2 as the company secured allocation of long-term coal linkages of 1.69 lakh MT per annum.
In the recent auction of coal linkages conducted by Coal India, it has secured allocation of long-term coal linkages of 1.69 lakh MT per annum for the next 5 years for its fifth sponge iron kiln, company said in its press release.
The total long-term coal linkages now stands at 17.04 lakh tonnes per annum.
These linkages will result in substantial cost savings in sponge iron production at its integrated steel plant at Champa, Chhattisgarh.
At 09:44 hrs Prakash Industries was quoting at Rs 56.55, up Rs 5.65, or 11.10 percent on the BSE.
The share touched its 52-week high Rs 99.00 and 52-week low Rs 31.20 on 14 January, 2019 and 22 August, 2019, respectively.
Currently, it is trading 42.88 percent below its 52-week high and 81.25 percent above its 52-week low.The share price down 39 percent in last 9 months.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.